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The price of Bitcoin has risen sharply over the past week, supported by improving conditions related to the ongoing conflict in the Middle East. On Friday, April 17, the premier cryptocurrency surged to around $77,500, reaching a new 10-week high. Despite the strong price momentum, on-chain data indicates that investor sentiment has not increased in line with the rally.
In a recent post on X, Santiment said Bitcoin market sentiment remains at an extreme low following the move toward the $77,500 level. The firm noted that the latest bullish price action did not produce a corresponding wave of FOMO (fear of missing out) among investors.
According to Santiment’s data, there are currently two bearish comments for every two bullish remarks about Bitcoin. Santiment also said retail investors appear fatigued by ongoing geopolitical tensions and continued ceasefire developments.
“So even though there is an end-of-week rally related to Trump’s latest announced ceasefire, retail appears to be taken any news with a grain of salt.”
The article argues that the combination of fear, uncertainty, and doubt (FUD) alongside relatively muted investor sentiment could be consistent with continued upward price action. It cites a common market dynamic: when rallies coincide with overheated sentiment, they can be short-lived, whereas price movement sometimes runs counter to crowd expectations.
Santiment also highlighted that many traders remain skeptical about the durability of the rally. Some are reportedly positioning for an $84,000 top at most, but the article notes that Bitcoin has previously moved beyond widely expected ceilings.
As of this writing, Bitcoin is trading at around $77,381, up about 3% over the past 24 hours.
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