The crypto market sentiment index rises to a three-month high, but remains in the "fear" zone.

BlockBeats News, April 23: According to data from Alternative.me, the Crypto Fear and Greed Index rose by 14 points in a single day to reach 46, marking the highest level in more than three months since January 18. The index previously hit its all-time low of 5 on February 23, when Bitcoin fell to around $63,000 due to tariffs imposed by the Trump administration.

This rebound was mainly driven by the rise in Bitcoin. Bitcoin increased by 5.9% to nearly $79,400 within about 20 hours before pulling back to around $77,900. The Head of Research at CryptoQuant pointed out that this rally was entirely driven by demand in the perpetual futures market, while spot demand is shrinking. If traders start to take profits, the market may experience a pullback.

Although the index has rebounded, it is still in the "fear" zone. Since January 18, the index has not left this region. Analysts noted that retail trader participation is lower than in previous market cycles, and related sentiment indicators mainly rely on retail-driven data such as social media and search volume.