Bitcoin Holds Above $90K — So Why Is ‘Greed’ Sentiment Fading?

Bitcoin’s rally above $90,000 has driven crypto market optimism to a two-month high, but sentiment is beginning to cool despite the price holding steady.

Sentiment Soars, Then Slips

On April 23, the Crypto Fear & Greed Index hit 72, marking “Greed” territory for the first time in over two months. As of April 25, however, the index dipped to 60, despite Bitcoin staying between $91,800 and $94,300. The drop in sentiment suggests growing skepticism around the rally’s sustainability.

Analysts Caution Against Overconfidence

While Bitcoin dominance remains strong at 64.39%, and spot Bitcoin ETFs saw their third-best week of inflows ($2.6 billion) since launching in January, several analysts are urging caution.

• Markus Thielen of 10x Research noted that stablecoin minting activity remains low, signaling weak underlying support.

• Bitfinex analysts argued that Bitcoin’s strength relative to U.S. equities isn’t yet structurally confirmed.

On the other hand, some remain bullish. Michaël van de Poppe, founder of MN Trading Capital, believes a new all-time high is still within reach as buyers step back in.

Altcoin Season Still on Hold

Bitcoin continues to dominate the market, with CoinMarketCap’s altcoin season score at just 17 out of 100, showing that enthusiasm is yet to spill into the broader crypto market.

Social sentiment briefly turned bullish in mid-April, but the current pullback reflects a market balancing optimism with caution as participants await confirmation of a sustainable breakout.