The cryptocurrency Fear and Greed Index has reached its highest level since January, according to data from Alternative.me.
In the past 24 hours, the index rose by 14 points to 46 out of 100. Such levels were last seen only at the beginning of the year.
The index remains in the “fear” zone. However, current values are significantly higher than the low of 5 recorded on February 23 after the imposition of global tariffs by the administration of U.S. President Donald Trump. At that time, Bitcoin’s price plummeted to $63,000.
At the time of writing, the leading cryptocurrency is trading around $77,600. Over the past 24 hours, the asset’s price has decreased by 0.8%, but it has gained 4.2% over the week, reaching a local high around $80,000.
Demand Structure and Correction Potential
Julio Moreno, head of research at CryptoQuant, believes the recent digital gold rally is primarily driven by demand in the perpetual futures market.
Speculative rally: The recent Bitcoin price increase is completely driven by demand in the perpetual futures market. Meanwhile, spot demand is still contracting (although at a slower pace).
The same happened on January, when Bitcoin peaked at $98K.
There are risks of a… pic.twitter.com/HDt157QJwJ
— Julio Moreno (@jjcmoreno) April 22, 2026
According to him, the same occurred in January when Bitcoin’s price rose to $98,000.
However, spot interest continues to decline, Moreno emphasized. If traders take profits, it could trigger a correction.
Reasons for Optimism
Meanwhile, several indicators suggest that the market situation is not entirely negative. Over the past month, more than 300,000 BTC have moved into long-term holders’ wallets, while short-term investors have been reducing positions.
Bitcoin supply is moving into stronger hands.
Over the last 30 days:
• Long Term Holder Supply: +303K BTC
• ETF Netflows: +16.8K BTC
• Strategy: +53.0K BTCAnd meanwhile:
• Short Term Holder Supply: -290K BTC pic.twitter.com/LeoKkZ3MMq— CryptoQuant.com (@cryptoquant_com) April 22, 2026
Another indirect signal is the high trading activity on major exchanges.
An analyst known as maartunn noted that since the beginning of 2026, trading volume on Binance has already exceeded $1 trillion. This suggests not a withdrawal of liquidity from the market, but its concentration among major players, the expert believes.
Liquidity is not leaving crypto, it is concentrating
“Binance has already cleared $1.09 trillion in trading volume in 2026, and we’re only 112 days into the year. That is a huge number for a market people keep calling weak or bearish.” – By @JA_Maartun pic.twitter.com/FOv4lrvHst
— CryptoQuant.com (@cryptoquant_com) April 23, 2026
Simultaneously, there is a continued inflow of funds into spot Bitcoin-ETFs. At the end of the latest session, the funds attracted $11.8 million, marking the sixth consecutive day of positive dynamics.
MN Trading founder Michaël van de Poppe believes that if the $73,000-$75,000 range holds, Bitcoin could reach $85,000-$88,000 within the next one to two weeks.
We tested the $79K area and fell back slightly.
Quite some normal price action on #Bitcoin, and I don’t think we’ll cascade down from here.
I’d much rather see a continuation to $85-88K over the next 1-2 weeks, as long as $73-75K holds. https://t.co/oWGrwXUnBQ pic.twitter.com/h1d0zSrNif
— Michaël van de Poppe (@CryptoMichNL) April 23, 2026
Earlier in April, van de Poppe predicted that the leading cryptocurrency could rise to $100,000 this year. According to him, after deep corrections, the price typically increases by 30-60% over six months.