Bitcoin sentiment strengthens as bulls return

Bitcoin sentiment continues to build as price action remains bullish, climbing back above $83K. The Fear & Greed Index for Bitcoin has now risen to 43, quickly approaching the neutral zone—further evidence that bearish momentum is fading. Meanwhile, the S&P 500’s own Fear & Greed reading has slipped from 17 to 13 despite the index rising 1.81% overnight. With BTC reclaiming ground, bears are steadily losing their grip on market control.

While the tariff headlines have quietened, tensions between China and the US persist. Overnight, China escalated the situation, raising tariffs on US goods from 84% to 125%.

The US 10-year Treasury yield has rallied once more, now sitting at 4.5%, prompting a response from the Federal Reserve, which is reportedly "absolutely" prepared to intervene to stabilise the market, per the Financial Times.

We're potentially witnessing a shift in policy drivers, with the US10Y becoming a central force.

Some believe the recent bond yield spike may have influenced Trump’s decision to delay new tariffs. There are also murmurs that the Fed could act earlier than expected, and rumours are circulating about Trump potentially scheduling a call with Chinese President Xi to address the tariff war. Still, Trump maintains that "the bond market did not drive his decision to delay reciprocal tariffs by 90 days."

Looking ahead, the next interest rate decision arrives in early May. While markets initially priced in the first cut of the year, expectations have cooled. There’s now a 60.2% probability of no change, and just a 39.8% chance of a 25 bps cut.

XRP successfully reclaimed its broader range yesterday, closing back above $1.98. Not only did price reclaim key territory, it also moved above both the 200-day SMA and EMA—an encouraging sign for bulls.

That said, bears still maintain structural control. For the bulls to flip the trend, XRP must push past the recent high of $2.18 to establish a clear higher high.

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