Market Wrap: Bitcoin at $51K as the Bulls Return

Sentiment significantly improved over the past week, signaling a shift away from market panic.

Bitcoin is trading around $51,400, which analysts consider a positive milestone after last month’s crypto sell-off. BTC is up about 22% over the past week and has decoupled from slumping global equities.

Sentiment on bitcoin significantly improved over the past week, signaling a shift away from market panic, according to the Fear and Greed Index. Technical indicators are also showing improving short-term momentum, which is consistent with rising bullish sentiment.

“We expect short-term overbought conditions to be weathered long enough for a test of minor resistance near $52.9K, a breakout above which would target the all-time high,” Katie Stockton, managing director of Fairlead Strategies, a technical research firm, wrote in a Monday newsletter.

“The move up was leverage driven, with the end of October being the highest point of the futures curve for BTC,” QCP Capital, a crypto trading firm, wrote in a Telegram announcement on Tuesday. “We could potentially see more short squeeze if spot BTC legs up higher.”

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