In between the somewhat erratic Bitcoin movements we're actually seeing a lot of resilience in the cryptosphere. With a global market cap that is currently $3.18 trillion Bitcoin is doing well, with it adding another 1% to the cap in the past 24 hours alone. Take a look at the weekly Bitcoin trading chart and while on the surface there is a slight downward trend the actual picture is a bit of a mixed one, but overall Bitcoin is looking strong.
(Source: CoinMarketCap.com - Bitcoin 7 day trading chart)
During the last five days we have seen Bitcoin pick up from $97k and hit the $100k mark again only for it to pull back to $95.5k before climbing again to around $98k. Right now Bitcoin is trading at $97,237. The fact that it is hanging around the $100,000 position demonstrates the eagerness it has to keep retesting its previous ATH but doesn't quite have the momentum at the moment.
As we know Trump's tariffs have impacted the cryptosphere more than I would like to tell you the truth, but as the traditional markets become more aligned with crypto markets we are going to have to get used to government fiscal policy influencing the crypto economy. There are advantages and disadvantages to this emerging situation.
Bitcoin sentiment is currently around the 0.4 position according to the Bull & Bear Index with augmento.ai.
While over on CoinMarketCap.com Bitcoin sentiment is showing as very bullish across 1.4m votes.
When you consider how many companies, corporations, governments, universities, banks and ordinary people are now involved with crypto in some way or another you know that Bitcoin is gaining more and more adoption than ever before. Factor in the four year cycle and all the indicators are looking very healthy indeed. Let's keep those fingers crossed for a decent altcoin bull run at some stage.
Peace!