Bitcoin Blazes Past $103K: Sentiment Turns Bullish As Fear & Greed Level Hits 70

Bitcoin is back in the crypto market as the big bull, gaining huge momentum over the last seven days as it reaches $103,000. This surge has swung market sentiment decisively bullish, ringing up a wave of optimism in the greater crypto universe.More importantly, this BTC rally appears to be creating the ideal conditions for altcoins to rise.Bitcoin sentiment has flipped.Spot demand is rising, and BTC’s Bull Score jumped from 20 to 80.Above 60 signals bullish conditions and supports higher prices. pic.twitter.com/zCEtfOfDY8— CryptoQuant.com (@cryptoquant_com) May 9, 2025Ethereum Surges by 23% in 24 Hours, Beating Bitcoin in Daily GainsEthereum is rocking the altcoin charge with quite a ride, 23% in the last 24 hours alone. The rally is a result of the successful Pectra upgrade and further performance strength in on-chain indicators. With Bitcoin going up, the explosive movement of Ethereum signals the dawn of a wider altcoin revival.The existing market structure appears to indicate traders are starting to rotate into riskier or higher-reward assets, which is a typical feature of the altseason.Altcoin Season Index Jumps: From 23 to 41CoinMarketCap’s Altcoin Season Index has surged by 18 points in just a few days, rising from 23 to 41. Even though it remains under the 75+ cut-off point that normally characterizes a full-blown altseason, the growth represents a distinct sentiment change.Traders and investors are very sensitive. Maintaining this momentum and Ethereum’s gains could set up the altcoin market for aggressive upside over the coming weeks.Spot Demand and Signal StrengthWhat’s driving this rally? An increase in spot demand is playing a big role. Bitcoin’s Bull Score, a measure of investor sentiment, has exploded from a low of 20 to 80. A benchmark score above 60 usually indicates a bullish setup and reinforces the probability of further price increases.This metric has not been at this strength level since December 2024, when BTC made its cycle high of $109,000. At the time, the Bull Score reached a lifetime high of 96, which clearly said that the investor action was perfectly correlated to the action in the market.Have We Reached the Next Leg of the Bull Run?With Bitcoin breaking over $103k, Ethereum exploding in value, and sentiment indexes becoming very positive, it is now beginning to be asked by market participants whether this is the start of the next leg in the bull cycle.While caution is always necessary in the cryptocurrency market, the indications are clear: the bullish momentum, technical indicators, and the increasing spot demand are all indications of the market’s awakening and movement.