Bitcoin Surges 25%, Testing $78,000 Resistance Amid Risk Appetite Boost
Bitcoin (BTC) has surged by nearly 25% in five days, testing resistance at $78,000. The surge is attributed to a shift in risk appetite, particularly through Exchange-Traded Funds (ETFs) and derivatives.
The Crypto Fear & Greed Index rose to 72 on Friday, indicating growing risk-on sentiment. This week's rally can also be attributed to US President Donald Trump's remarks at a White House event attended by crypto executives, including Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev. Trump urged Congress to pass the CLARITY Act, a comprehensive regulatory framework, to boost institutional confidence in Bitcoin.
Capital continues to flow into US-listed spot ETFs, with $606 million recorded on Thursday. This marks the fourth consecutive day of inflows, with $298 million posted on Monday, $189 million recorded on Tuesday, and $517 million on Wednesday.