[DigitalToday reporter Yeseul Kim (김예슬)] Bitcoin rose above $76,300 intraday, but market sentiment remains in the extreme fear zone.

On April 17 (local time), Bitcoin traded around $75,300 and its weekly gain topped 6%, blockchain media outlet The Block Crypto reported. The Fear and Greed Index stood at 21.

The market sees the rebound as closer to a relief rally than a full trend reversal. U.S. stocks have kept moving near record highs and Bitcoin has climbed to its highest range in about 2 months, but investor sentiment has not kept pace with the price rise.

Glassnode assessed that Bitcoin remains about 5 percent below the true market mean of about $78,100. It described that level as a key short-term resistance line. Spot demand and ETF inflows improved, but it said the recovery was not yet strong enough. Profit-taking increased, institutional participation was selective, and the options market still leaned toward downside hedging.

Buying was also uneven. Spot flows centered on Binance recovered faster than Coinbase. That led to the view that the rebound was supported more by overseas and retail demand than by strong buying from U.S. institutions.

Bitfinex said the recent rise was driven more by concentrated buying tied to Strategy's STRC preferred stock financing than by a broad-based recovery in demand. Strategy bought 13,927 bitcoin at an average of $71,902 in the previous week.

The macro backdrop is also a burden. The S&P 500 and Nasdaq returned to record-high territory this week amid expectations that the Iran war will end, while Brent crude stayed below $100 a barrel. Brent traded at about $98.50 and U.S. West Texas Intermediate at about $89.10 on the day.

Supply-and-demand signals were mixed. Spot exchange-traded fund (ETF) demand improved again, but CryptoQuant said rising inflows to exchanges point to increased profit-taking risk. K33 said extended negative funding resembled past bottoming phases. Listed mining firms selling more bitcoin in the first quarter than in all of 2025 also remains a supply overhang. Bitcoin has rebounded, but analysis continues to say it has not fully broken through resistance.