Bitcoin's April Rally Hasn't Convinced Traders Yet — Here's What Sentiment Data Shows

[lingriiddd]

Despite posting one of its strongest monthly performances in years, Bitcoin has not managed to bring traders along for the ride in terms of confidence. The Crypto Fear and Greed Index printed 31 on April 25, keeping sentiment firmly in Fear territory even as price recovered significantly from the lows. Just one month earlier the same index had touched Extreme Fear at 10, and last week's reading of 26 was actually lower than today's, signaling that conviction is rebuilding slowly and unevenly rather than in line with the price move.
The disconnect makes sense in context. Bitcoin is currently trading near $77,500, still approximately 38% below its all-time high of $126,198 reached in October 2025, meaning most holders who bought near the top are still underwater. Persistent geopolitical risk from US-Iran tensions and the broader Middle East conflict has kept BTC perpetual funding rates near zero or negative for stretches of the month — a sign that traders have actively avoided chasing the rally with leverage. With thin weekend liquidity and unresolved macro headlines still in the picture, the final six sessions of April will determine whether Bitcoin closes out one of its best monthly performances since 2020 or falls just short of the record books.

[madtrader]

Fear at 31 during a recovery rally is just the crypto market’s way of saying: ‘Yes, but I still don’t trust it