Cryptocurrency Market Enters Bull Phase as Rally Continues
The cryptocurrency market has entered a bull phase after experiencing a significant rally over the past week. With a gain of nearly 7% in the past 24 hours, the market capitalization has reached $2.51T, exceeding its low point of $2.04T in early July by 24%. This surge marks the formal start of the bull market.
The sentiment index has soared to 72, just three points below the 'extreme greed' level, providing further confirmation that the market is entering a bullish phase. Bitcoin's price also reached a high of $75.5K at the start of active trading in Europe, not seen since late May.
Despite this positive trend, there are still some concerns. The correlation with the US stock market persists, where sellers remain in control despite attempts by the US Treasury Secretary to reassure investors. Additionally, the nearest significant resistance zone for Bitcoin lies around $82K-$87K, between May's peak and the December-February support zone.
Recent inflows into US spot Bitcoin ETFs have been significant, exceeding $517 million on August 19th, marking the highest level since early May. This has led to a surge in short liquidations, with volumes exceeding records set in October 2025.