Bitcoin price has held steady in the past few days, climbing from this month’s low of $57,725 to the current $64,000. The cryptocurrency has flipped a crucial resistance level into support and formed a bullish pattern, pointing to further gains as the Crypto Fear and Greed Index continues to rise.
The sentiment gauge, which tracks momentum, volatility, derivatives data, and other proprietary numbers, has jumped from the extreme fear zone of 13 last month to 30 today and is still climbing. Historically, Bitcoin and other cryptocurrencies tend to rally when the index leaves extreme fear territory.
Bitcoin’s rise occurred despite notable negative developments. Strategy, the largest corporate holder of Bitcoin, has begun selling its coins. The firm unloaded 32 coins earlier last month and accelerated sales last week, dumping a total of $216 million worth of BTC. It plans to continue selling to bolster the cash section of its balance sheet, enabling dividend payments. The urgency arose after its preferred stocks—STRC, STRK, and STRF—fell below par levels. In response, Strategy aims to build a two-year dividend cover to restore investor confidence.
The bigger concern is that other companies mimicking Strategy’s approach may follow suit. Firms such as Tesla, SpaceX, Strive, Gemini, and Block collectively hold over 1 million coins, and a wave of selling could significantly pressure the market.
Meanwhile, Bitcoin is rising even as U.S. investors pull money from spot Bitcoin ETFs. The funds recorded outflows of $95 million on Thursday after $84 million the previous day, reversing a prior week that saw over $500 million in inflows. The outflows coincide with renewed military conflict between the U.S. and Iran, which has pushed oil prices higher—Brent crude to $76 and WTI to $72—and could stoke inflation, complicating potential Fed rate cuts.
On the technical chart, Bitcoin has moved slightly above the upper side of a falling wedge pattern and has traced a double-bottom-like formation with a neckline at $67,400. The 25-day moving average has been reclaimed, and the MACD lines are attempting to cross above the zero line. Analysts see a likely continuation upward, targeting $67,400 initially and then $70,000, provided Bitcoin stays above the key support at $59,000.
