Bitcoin's Price Rebound Continues as Altcoins Follow Suit

The cryptocurrency market is showing subtle signs of recovery, with Bitcoin (BTC) rising near $78,000 and altcoins like Ethereum (ETH) and XRP mirroring its neutral-to-bullish outlook. This follows a persistent decline from the August peak near $81,500 for BTC.

Market sentiment remains relatively elevated, with the Fear & Greed Index at 65 in the Greed territory on Thursday. The index rose marginally from 63 the previous day, indicating positive market sentiment that could sustain price increases.

BTC's spot Exchange-Traded Funds (ETFs) saw inflows totaling $101 million on Wednesday, while Ethereum and XRP spot ETFs experienced outflows of $48 million and $7 billion respectively. However, cumulative inflows for BTC edged up slightly to $54.71 billion from $54.61 billion over the same period.

From a technical analysis standpoint, Bitcoin's rebound above the main Exponential Moving Averages (EMAs) suggests a firmly supported trend after the recent breakout. The Relative Strength Index (RSI) at 67 shows strong momentum but not yet overbought, while the Moving Average Convergence Divergence (MACD) indicator prints in negative territory, indicating bullish pressure is losing steam.