Bitcoin Finally Joins the Party

Traditional indices have been enjoying the risk-on sentiment for nearly a fortnight, with the S&P 500 and Nasdaq dominating as they trade at fresh all-time highs in price discovery territory. Meanwhile, Bitcoin has been lagging behind but that is starting to change.

Bitcoin has finally joined the party, up nearly 5% in two days and hovering just below its all-time high. It is on the brink of confirming its bullish structure too. It fell just short of breaking the recent higher low in the broader market structure. The next push higher will likely see Bitcoin break this level, confirm the bullish trend and move on to test its all-time high, which sits less than 2.5% away from current prices.

Market sentiment continues to climb alongside price, as it often does. These two tend to move together. The Fear & Greed Index now sits at 73, just two points away from the extreme greed zone of 75 and above. The total altcoin market cap has also risen over the past few days while Bitcoin dominance has edged slightly lower. Both are still within their broader trends though, with altcoins still waiting for a decisive breakout and Bitcoin dominance not yet close to breaking down.

On the policy front, the US House has just designated 14–18 July as Crypto Week to focus on key digital asset legislation, another sign that crypto is gaining more mainstream political traction.

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