Market Overview
The crypto market is making another attempt at growth and its capitalization has once again surpassed the psychologically important level of $3 trillion. The center of the battle between the bulls and bears over the past month has been moving closer to this level. Positive dynamics prevail on Monday, but this is mainly due to the low base effect.
The sentiment index rose to 25, signaling a potential exit from the extreme fear zone. It seems that over the past month the crypto market has simply grown tired of fear. On the other hand, this is not enough for growth, and objective and fundamental changes will be necessary to return to a bull market.
is trading at $89,000, once again at the upper limit of the range in effect since the beginning of last week. Positive short-term momentum can be misleading, and the broader picture of disappointment with hopes from earlier in the year should not be overlooked. Bitcoin is 30% below its peak and trading lower than at the start of 2025. Attempts to bring momentum back to zero since the start of the year are of little consolation in this context.
News context
Sentiment in the crypto market remains bearish, according to Santiment. Bitcoin demand growth is fading, which could keep the asset in a downtrend, according to CryptoQuant.
The appetite for risk in the derivatives market has also weakened. The technical picture deteriorated: Bitcoin fell below the 365-day moving average, which traditionally serves as a boundary between growth and decline phases.
There has not yet been a definitive capitulation of investors in the market, and the search for a floor price is not over, according to Checkonchain’s assessment of the situation. Experts cite $81,000 as the critical level, which is the average purchase price of spot Bitcoin ETFs.
Fundstrat has named the possible range of $60,000 to $65,000 as a “good entry point” before further recovery of the asset.
The fact that many influential BTC developers are ignoring the threat of quantum computing is already a bearish factor for Bitcoin, according to Castle Island Ventures. This position contradicts the philosophy of “active paranoia”, typical of the Bitcoin community.
Ethereum developers have chosen a name for the next update, which will follow the Glamsterdam hard fork in the first half of 2026. The upgrade has been named Hegota and is scheduled for release in the second half of 2026.
The FxPro analyst team
