Bitcoin has broken out of its weeks-long sideways trading range, rising from around $65,000-$75,000 to $77,500-$78,000, marking a nearly 10% increase in under two weeks. Traders are now betting on Bitcoin reaching $100,000, as the market shifts from consolidation into an early trend phase. The rally signals renewed bullish sentiment after weeks of sideways movement.
The Crypto Fear & Greed Index experienced its largest daily increase in three months, indicating a shift in trader sentiment. Despite this rise, skepticism persists about a sustained Bitcoin rally without stronger market indicators. The index's movement reflects changing emotions among traders, but no definitive trend has emerged to confirm a continued upward trajectory for Bitcoin.
Amid tensions in the Strait of Hormuz, discussions about a petrobitcoin standard are emerging, driven by dedollarization and geopolitical shifts. Some see bitcoin as a way to bypass traditional financial systems linked to the petrodollar. This signals a potential shift in global energy and monetary systems, with oil and bitcoin becoming intertwined in 2026.
Bitcoin surged to $79,300 on April 23, its highest since early February, prompting over $222 million in liquidations. The rally, driven by bullish momentum, caught short sellers off guard, leading to approximately $200 million in liquidated short positions. This sharp increase marks a significant recovery after recent dips, highlighting heightened volatility in the Bitcoin market.
Grayscale Research indicates Bitcoin's bottom was between $65,000 and $70,000 in February 2026, with recent buyers near breakeven at around $74,000. Bitcoin reached a three-month high of $78,417 amid geopolitical developments, such as Trump's extension of the US-Iran ceasefire. The Bitcoin Bull Score Index has turned neutral for the first time in this bear market.
BlackRock has purchased $246 million worth of Bitcoin, bringing its total investment to $1.8 billion over the past 12 days. This surge in institutional buying amid geopolitical tensions indicates a potential price floor and underscores Bitcoin's role as a hedge against global risks. The rapid accumulation highlights growing institutional confidence in Bitcoin as a safe haven asset.
Bitcoin's bull score index has moved out of bear territory and returned to neutral, a rare milestone that has historically signaled potential market turning points. However, this indicator does not guarantee a trend reversal, and traders should exercise caution. The shift suggests a possible shift in market sentiment, but the warning remains that the index's signals are not always accurate.
