Bitcoin (BTC) broke to multi-months highs on Monday to briefly touch $81,000 before retreating and holding above the $80,000 resistance level.
Triggered by last week's U.S.
Treasury buyback announcement, the recent rally has boosted market confidence, positioning the Crypto Fear & Greed Index at an "Extreme Greed" of 83.
However, market watchers viewed the current rally as a catch-up trade rather than the start of a new bull cycle.
"While it's too early to call this a full-blown bull market, the move above $80,000 and the ETF inflows look like a catch-up trade since bitcoin has been lagging other risk assets for a while now," said Min Jung, associate researcher at Presto Research.
