Bitcoin broke out to multi-month highs on Monday
Bitcoin broke out to multi-month highs on Monday, briefly touching $81,000 before retreating and holding above the $80,000 resistance level. Triggered by last week's U.S.
Bitcoin broke out to multi-month highs on Monday, briefly touching $81,000 before retreating and holding above the $80,000 resistance level. Triggered by last week's U.S. Treasury buyback announcement, the recent rally has boosted market confidence, pushing the Crypto Fear & Greed Index to an "Extreme Greed" reading of 83.
However, market watchers view the current rally as a catch-up trade rather than the start of a new bull cycle.
"While it's too early to call this a full-blown bull market, the move above $80,000 and the ETF inflows look like a catch-up trade since bitcoin has been lagging other risk assets for a while now," said Min Jung, an associate researcher at Presto Research.
Several other analysts maintained a cautious tone, citing tight liquidity, sticky inflation, and geopolitical uncertainty as key risks that continue to weigh on the market.