Bitcoin ($BTC) has recently seen its Fear & Greed Index, which serves as an aggregate for investor confidence and attitude towards the market, has risen to a state of “greed” for the first time in nearly a year. The move to a state of greed is being seen at a time in which the price of the flagship cryptocurrency Bitcoin appears to be stabilizing around the $23,000 mark after outperforming most other assets so far this year in a surprising recovery.

As the cryptocurrency market continues to favor the bulls, a well-known economist and crypto investor Alex Kruger, communicated his bullish stance on the leading cryptocurrency bitcoin (BTC), per a series of tweets on Thursday.  While bitcoin is currently changing hands at $23,304 at the time of writing, Kruger noted that BTC is bound to touch the $32,000 level before retracing to the $28,000 price zones.  

In a new Matrixport report that was shared with NewsBTC via email, U.S. institutional investors are driving the recent price increase of bitcoin. The report notes that over the course of January, the digital asset is already up over 40% but more than 35% of those increases have happened during U.S. trading hours. As such, the research report concludes that U.S. investors are driving the price.

Trading desk QCP Capital published observations on the crypto industry, revealing some key points to consider for the coming months.

Scott Melker, the host of The Wolf of All Streets podcast and crypto trader, has cautioned investors against getting too excited by Bitcoin’s recent pump, suggesting that the crypto asset could still plunge lower.

Bitcoin (BTC) held above $23,000 on Friday as traders awaited next week’s Federal Open Market Committee decision on interest rates and any hints policymakers may drop about when their hiking campaign might end.

According to Bitcoin mining data tracking website MiningPoolStats, Bitcoin’s hash rate hit a new record high earlier this week. According to the website, the network reached the milestone of computing three hundred quintillion (300,000,000,000,000,000,000) hashes per second (300 EH/s).

Data shows investors in the Bitcoin market have turned greedy for the first time since March 2022, after what was the longest stretch of fear ever.

Nearly two and a half years after becoming the first country to adopt Bitcoin (BTC) as legal tender, El Salvador has won an international award for its ambitious and environmentally friendly Bitcoin City, which is set to be built at the base of a volcano.

On a few occasions last year, crypto advocates discussed how a number of price models, leveraged to help predict the future value of bitcoin, ended up failing. However, since bitcoin’s value has increased by 36% over the last month, the price has entered the darkest band of the rainbow chart after breaking below the rainbow chart’s lowest band at the end of 2022.