Bitcoin has experienced an “extremely explosive move,” circling around $67,000 as the week comes to a close. This upward momentum has set the stage for potential gains of 10%, pushing the cryptocurrency closer to its all-time high of $69,000.

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin reaching new highs for July over the weekend. The largest cryptocurrency has maintained its recovery, recording a 10.4% gain week-to-date and 6.6% for July, according to CoinGlass.

Optimism Among Market Participants

Market participants are optimistic about this trend. Popular trader Benjamin Cowen is hopeful that the 20-week simple moving average (SMA) at $65,650 will provide support going forward. Cowen highlighted this in a post on social media platform X, noting Bitcoin’s rise above its Bull Market Support Band (BMSB).

Cowen’s analysis points to the Bitcoin bull market support band, a key area between the 20-week SMA and the 21-week exponential moving average (EMA). Bitcoin has traded above this band for most of its latest bull market. Trader and analyst Rekt Capital emphasized the minor impact of Bitcoin’s correction since its new all-time highs in March. On monthly timeframes, Bitcoin has successfully retested its old 2021 all-time high as support, flipping it from resistance to support over the past five months.

Crypto Sentiment Shifts Toward Extreme Greed

Crypto market sentiment has dramatically shifted, moving towards “extreme greed.” The Crypto Fear & Greed Index, a gauge that measures market sentiment using various factors, stood at 74/100, just below the “extreme greed” threshold. This is a significant change from a week ago when the index was at 25/100, indicating “extreme fear.”

Bitcoin’s current momentum and market sentiment suggest a positive outlook for the cryptocurrency. With the support of the 20-week SMA and the market’s optimistic sentiment, Bitcoin could be on the verge of reaching new all-time highs. Traders and analysts will be closely watching to see if Bitcoin can maintain its position above key support levels and continue its upward trajectory.