Crypto market sentiment is showing its strongest rebound in weeks, even though Bitcoin continues to trade below six figures. The shift comes as Bitcoin holds firmly above $90,000, helping restore confidence to levels last seen when the token briefly traded above $100,000 earlier this month.
The Crypto Fear & Greed Index climbed to 25 on Friday, marking an “Extreme Fear” reading but still a meaningful improvement from recent lows. The index has risen nearly 10 points since Nov. 13—the last day Bitcoin traded above $100,000 before retreating sharply. At publication time, Bitcoin is changing hands at $91,032, according to CoinMarketCap.
While investors remain divided on whether a break back above $100,000 is imminent, sentiment indicators suggest that bearish exhaustion may be setting in.
Market Mood Turns Less Bearish
Trading desks and analytics firms have been tracking a notable shift in market tone. Crypto analyst Ted said in an X post on Thursday that a break above $93,000 to $94,000 could set the stage for Bitcoin to challenge the $100,000 level before experiencing further downside.
A separate report from Santiment argued that the recent spike in bearish commentary across social media tends to coincide with bullish reversals. The firm noted:
- Retail pessimism often precedes market recoveries
- Major sentiment troughs have historically aligned with turning points
- Social media negativity has increased despite price stabilization
“Markets have historically moved in the opposite direction of the crowd’s expectations,” Santiment wrote.
Even traditionally bullish voices are adjusting their tone. Tom Lee, chair of BitMine, softened his well-publicized call for $250,000 Bitcoin by year-end, saying this week he now sees a return to $100,000 as more immediately realistic. He added that a new all-time high—above $125,100—remained possible but no longer assured.
December Outlook Splits Analysts
The crypto market now enters December, a month that has historically delivered modest but positive performance for Bitcoin. Since 2013, Bitcoin has posted an average 4.75% gain during December, according to CoinGlass.
But this year’s seasonal patterns have already been disrupted. October and November—traditionally strong months—failed to deliver the momentum investors expected. That has prompted debate on whether the final month of the year will continue the divergence.
Trader Jelle observed that the recent downturn “caught almost everyone off guard,” underscoring the market’s fragile positioning heading into year-end.
With sentiment improving but prices still below major breakout levels, the market remains cautiously optimistic—and closely watching whether Bitcoin makes another run at six figures in December.