Bitcoin News Today: Bitcoin, Ether, XRP price gains drive crypto sentiment to 'Greed'

The cryptocurrency market has seen a notable shift in sentiment as Bitcoin (BTC), Ether (ETH), and XRP have all posted gains in recent trading sessions, pushing the Crypto Fear & Greed Index back into the “Greed” category [1]. The index, which had dipped into “Neutral” territory the previous day, rose to a score of 62 out of 100, signaling a return of optimism among traders and investors following a period of volatility [1].

Bitcoin, which had fallen to $112,000 in early August after touching an all-time high of $123,100 in mid-July, has seen a modest recovery, gaining 1% over the past 24 hours to trade at $114,298 [1]. This slight increase, coupled with the rise in sentiment, suggests that market participants are viewing the price action as a sign of near-term stability [1]. On-chain data from Glassnode also indicated that profit-taking by short-term Bitcoin holders has "cooled off," further supporting the notion of a stabilizing market [1].

Ether has outperformed Bitcoin in the recent rally, with its price rising by 2.37% in the last 24 hours to reach $3,664 [1]. XRP also added to the positive momentum, with a 2.14% gain bringing its price to $2.97 [1]. Solana (SOL) joined the upward trend, gaining 3.26% to $167.38 [1]. These gains across multiple major assets reflect a broad-based improvement in market confidence.

Analysts have interpreted the price action as a potential precursor to a broader bullish breakout. Michael van de Poppe, founder of MN Trading Capital, noted on X that Bitcoin has returned to key resistance levels and is consolidating, with a successful test expected to drive a bullish move [1]. Other traders and analysts have drawn historical parallels to past market cycles, suggesting that the current environment resembles the conditions seen before major price surges [1].

While no formal investment advice is provided in the reporting, the price trends and sentiment shift suggest that traders are increasingly positioned for further upside in the near term [1]. However, analysts caution that short-term volatility remains a factor, and traders should remain mindful of risk management as the market continues to test key levels [1].

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[1] Bitcoin, Ether, XRP price bump pushes market sentiment to ‘Greed’ (https://cointelegraph.com/news/crypto-sentiment-greed-bitcoin-ether-xrp-solana-price-bump?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)