Bitcoin's upward trend backed by a positive social feeling, Ethereum binds to the rally

bitcoin has returned last week, increasing by 5%. Although investors continue with caution, the new data revealed that the upward feeling is at its strongest level in six weeks.

This change occurred when the cryptographic asset rose to $ 88,500, where its rally stopped.

Alcista feeling

According to the last <a target="_blank" href="https://x.com/santimentfeed/status/1904312194520728015″ target=”_blank” rel=”noopener” data-wpel-link=”external”>analysis Shared by Santiment, the week began with a positive note for the cryptographic market, with bitcoin reaching $ 88,500 for the first time in 17 days. ethereum also saw an increase, since it exceeded $ 2,100 for the first time in 14 days.

According to the data revealed by the analytical platform in the chain, the positive comments of social networks have been increasing, indicating greater optimism among market participants.

Interestingly, the feeling of the crowd of bitcoin has reached its highest level since February 14, while ethereum's feeling is also a bullish trend, suggesting that the recent rally can continue as investors' confidence grows.

Cyclic chain metrics

Despite the price appreciation, the bitcoin IFP metric (input flow position) continues to flash bass signals. With a 696K IFP, significantly below the 90 -day simple mobile average (SMA90) of 794K, this metric suggests that there is no investment of imminent rising trends.

In addition, the Bull and Bear Bull & Bear bitcoin market cycle indicator remains bassist. Although btc is in an upward trend, the indicator has shown weak signs similar to previous recessions. The crucial question remains whether this is just a natural market correction or the beginning of a deeper bear phase. As the DMA30 is still below the DMA365, a bullish change cannot be confirmed based on this indicator alone.

Meanwhile, the bitcoin MVRV score (market value to value made) is currently below its 365-day mobile average (SMA365). Historically, this has indicated greater sales pressure, as seen during the commercial crisis of August 2024 when the MVRV score was briefly submerged below SMA365. Once that crisis decreased, the MVRV recovered the SMA365, which hinted at the recovery.

Finally, the NUPL metric (unrealized net gain/loss) is still below its SMA365 level, which shows that the upward trend could be losing impulse. For bitcoin to recover the force, the NUPL would need to cross over its SMA365.

While these metrics suggest a short and medium term turbulence period, none indicates that bitcoin has reached an upper part of the overheated cycle. Drawing comparisons with the commercial crisis of August 2024, Cryptoquant analysis It suggests that current bassist signals could be linked to macroeconomic conditions, which are similar to last year's market conditions. Once these macro pressures facilitate, bitcoin is expected to recover, but the market must wait and see if the story is repeated.

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