Bitcoin has seen a remarkable rally, jumping over 3.95% in the past 24 hours. During the recent bull run late Sunday, Bitcoin’s price reached a peak of $90,995.01. The third largest cryptocurrency is up against the market cap of $1.76 trillion and a 24-hour trading volume of $38.9 billion. This time around, the shift in momentum is supported by a combination of macroeconomic factors, increasing institutional interest, and favorable technical indicators.

Market Sentiment Shifts

The recent increase in BTC’s price is reflecting a clear change in overall market sentiment. The Crypto Fear & Greed Index has moved into “Greed” territory for the first time since mid-March. This advocacy change marks a new wave of bullish optimism from the investment community. This amendment implies that lawmakers are becoming more confident in Bitcoin’s long-term prospects for appreciation.

The spike is being seen not just in TV ratings, but in social media engagement and online search activity. Interest in and queries for “Bitcoin” and “buy BTC” are booming. This spike further indicates a growing appetite for Bitcoin from retail investors. This record engagement is symbolic of a larger market awareness and attraction to the cryptocurrency space.

Additionally, Bitcoin’s rally is not happening in a vacuum. Altcoins, including Ethereum and Solana, rise along with them, suggesting a broader positive trend across the cryptocurrency market. This coordinated action points to the idea that what is currently pushing Bitcoin to new highs is helping lift the rest of the digital asset space.

Technical Indicators and Market Dynamics

Bitcoin is now trading significantly above its 20-day and 50-day moving averages, bolstering the bullish view even further. A “golden cross” pattern is developing, which would be interpreted as a bullish sign and a potential test of the $92,000 resistance area.

According to Cointelegraph, the appearance of a “golden cross” is a highly bullish technical indicator. It occurs when a shorter-term moving average crosses above a longer-term moving average.

In fact, Bitcoin’s recent rally has been even more correlated to the U.S. dollar’s recent downtrend. As the dollar’s value declines, other forms of value such as Bitcoin become more appealing to investors looking towards securing their capital.

"Trump’s comments have traders pricing in deeper rate cuts — that’s bullish for Bitcoin," - Marcus Lin, a senior analyst at CryptoMacro.

This positive correlation further highlights the impact of macroeconomic policies on the cryptocurrency market.

Institutional Demand and Future Outlook

Demand from institutions for Bitcoin is clearly increasing, too, including in the recent astronomical increase in Bitcoin ETF volume. Over the past day alone, one of those strategies just added 6,556 BTC to their ETF holdings. This strategic pivot reflects an unambiguous vote of institutional confidence in Bitcoin’s long-term value. This increased institutional participation is bringing billions of new capital into the market, providing even greater support to Bitcoin’s price appreciation.

From here, BTC may soon revisit the $92,000 resistance area. On the other hand, it could spur a new drive to break through the $100,000 ceiling. This week, Federal Reserve speeches have potential to move Bitcoin a lot. Keep an eye out for signals of potential future rate cuts, as they could move the market even more.