Bitcoin has been doing something interesting lately. At the beginning of the month, it fell below $60,000 but now it has risen above $77,000, roughly a 5 percent move. It increased by 5% in the last 24 hours, and the broad crypto index is moving in parallel. The reason is simple: inflation expectations turned out to be lower than expected, investors are hopeful for interest rate cuts, and the return to risky assets has begun.

But caution is necessary; although it looks good on the surface, there is serious fear at the market's bottom. The Crypto Fear Index is still at levels similar to the crash periods of 2022. Last week, $8.7 billion worth of Bitcoin was sold, the second-largest loss on record. Bitcoin wallets held by companies have an unrealized loss of $16.9 billion.

Analysts see this as "textbook capitulation," but the problem is: the main motivation of the market is still fear. Investors see any rise as a selling opportunity. We need to see if this continues or if strong hands can control the market enough to change it.