The cryptocurrency Fear and Greed Index has reached its highest level since January, according to data from Alternative.me.
As of April 23, the index rose by 14 points to 46 out of 100, a level not seen since the beginning of the year.
The Fear and Greed Index for the cryptocurrency market over the past year. Source: Alternative.me.
While the index remains in the "fear" zone, current values are significantly higher than the low of 5 recorded on February 23, following the imposition of global tariffs by the administration of former 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. In 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 of approximately $80,000.
Hourly chart of BTC/USDT on Binance. Source: TradingView.
Demand Structure and Correction Potential
Julio Moreno, head of research at CryptoQuant, believes that the recent rally in digital gold 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).
— Julio Moreno (@jjcmoreno) April 22, 2026
The same happened in January when Bitcoin peaked at $98K.
There are risks of a… pic.twitter.com/HDt157QJwJ
He noted that a similar situation occurred in January when Bitcoin reached $98,000.
However, interest in spot trading continues to decline, Moreno emphasized. If traders take profits, this could trigger a correction.
Reasons for Optimism
At the same time, several indicators suggest that the market situation is not entirely negative. Over the past month, more than 300,000 BTC have moved to long-term holders' wallets, while short-term investors have been reducing their positions.
Bitcoin supply is moving into stronger hands.
— CryptoQuant.com (@cryptoquant_com) April 22, 2026
Over the last 30 days:
• Long Term Holder Supply: +303K BTC
• ETF Netflows: +16.8K BTC
• Strategy: +53.0K BTC
And meanwhile:
• Short Term Holder Supply: -290K BTC pic.twitter.com/LeoKkZ3MMq
Additionally, high trading activity on major exchanges remains a positive signal.
Analyst maartunn noted that since the beginning of 2026, trading volume on Binance has already surpassed $1 trillion. This indicates that liquidity is not leaving the market but rather concentrating among the largest players, according to the expert.
Liquidity is not leaving crypto, it is concentrating
— CryptoQuant.com (@cryptoquant_com) April 23, 2026
“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
Meanwhile, there is a continued inflow of funds into spot Bitcoin ETFs. In the latest session, funds attracted $11.8 million, marking six consecutive days of positive momentum.
Source: SoSoValue.
MN Trading founder Michaël van de Poppe believes that if Bitcoin holds the $73,000-$75,000 range, it could reach $85,000-$88,000 within the next one to two weeks.
We tested the $79K area and fell back slightly.
— Michaël van de Poppe (@CryptoMichNL) April 23, 2026
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
It’s worth noting that in April, van de Poppe predicted that the first cryptocurrency could reach $100,000 this year. He stated that after deep corrections, prices typically rise by 30-60% within six months.