Bitcoin Soars Toward $75,000 as Risk-On Sentiment Improves

Bitcoin (BTC) has been steadily recovering toward $75,000 following the US Treasury's announcement of at least $4 billion in long-term bond buybacks. This improvement in risk-on sentiment is also reflected in the Fear and Greed Index, which rose to 68 on Friday, indicating increased greed among investors.

The broader crypto market has seen Ethena (ENA) and Pump.fun (PUMP) emerge as top performers, extending their rallies over the last 24 hours. ENA is up 6% on Friday after a 25% rally the previous day, while PUMP has been in a steady bullish phase since early July.

From a technical perspective, Bitcoin's momentum is regaining strength, as the Moving Average Convergence Divergence (MACD) steadily rises and the bullish histogram expands. However, the Relative Strength Index (RSI) near 82 signals overbought conditions, suggesting that while the broader trend remains constructive, the rally could be vulnerable to a near-term pause or corrective pullback.