Why is crypto up today? Bitcoin pushes towards $76K despite fakeout risk

Crypto today is sitting at a key level where the next move could be driven by FOMO.

On the technical side, high-cap assets are seeing steady inflows, which is keeping prices stable near key resistance zones.

With the weekend ahead and the stock market closed, crypto could see more inflows. The next 48 hours will be important in deciding whether the market builds a local bottom at these levels.

On the sentiment side, things are turning more bullish. The Crypto Fear and Greed Index has moved up two points and is now just two points away from entering the “greed” zone, which often signals stronger risk appetite.

Technically, Bitcoin’s [BTC] push toward $76k shows this momentum may already be playing out.

Interestingly, crypto today also saw a liquidity flush, adding to the current setup. 

According to CoinGlass, total liquidations came in at $539 million, with over 55% coming from shorts. Bitcoin alone saw $56 million in short liquidations as it broke $75.7k, marking one of the largest short squeezes in over a month.

However, the key question is whether crypto can carry this momentum into next week.

From a technical standpoint, short squeezes are bullish; however, for the move to sustain, strong underlying bid support is necessary. Otherwise, this could simply turn into another deleveraging event.

AMBCrypto believes that this is where FOMO begins to play a key role.

On the sentiment side, conditions are clearly supportive, but the real test is whether it’s translating into actual on-chain demand.

If so, crypto’s momentum today could extend into next week, with $80k as the near-term target. On the other hand, if demand weakens, the move could quickly lose strength.

Market still lacks clear follow-through

After several weeks of sideways chop, Bitcoin reclaiming key levels is starting to hint at renewed FOMO. 

For context, BTC’s intraday wick pushing up to $76,372 marks an important move, as it is the first time bulls have reclaimed this level since losing it during the mid-Q1 selloff.

Against this backdrop, crypto today showing strong inflows would normally be expected to lead to some kind of continuation.

However, on-chain data is not fully supporting that narrative yet. According to CryptoQuant, Bitcoin’s Coinbase Premium Index (CPI) has reversed nearly 50% to 0.035, effectively wiping out last week’s upside.

This suggests that crypto today has not yet seen strong follow-through from U.S.-based investors, which is often a key driver for sustained rallies. 

Further supporting this, Bitcoin’s ETF flows showed a modest $26 million inflow on the 16th of April, pointing to some institutional participation, but nothing strong enough yet to confirm aggressive momentum. 

Therefore, calling a local bottom around $75k still looks premature. 

From a technical standpoint, crypto today, despite showing strong bullish momentum, still lacks follow-through for a sustained move toward $80k by the weekend.

In short, FOMO hasn’t fully kicked in yet, even as sentiment continues to improve, which keeps the risk of this move turning into a potential fakeout.

Final Summary

• Crypto today is holding near key resistance after BTC reclaimed levels around $75k–$76k, with liquidity squeezes and steady inflows supporting short-term strength.
• Despite improving sentiment, on-chain signals suggest the market has not yet confirmed a strong, demand-led breakout toward $80k.