Bitcoin has risen 6% this week, reaching around $77,800, but is this truly a revival?

Certainly, it's been a while since the last high was broken, and it looks like a sign of Bitcoin revival, but market sentiment tells a different story.
The fear index is still stuck at 21 (extreme fear).

According to analysts, this rise is mainly driven by strategic buying support from institutional investors.
In other words, rather than retail demand returning, it feels like a temporary rebound using liquidity.
ETF inflows are also improving, but the depth of the recovery is shallow, and institutional participation remains cautious.
The options market also favors downside hedging, indicating a lingering bearish mood.

From a technical perspective, $75,000 is seen as an important support level, and if it breaks, the Bitcoin revival trend could collapse, likely returning to the $70,000–$71,000 range.
On a macro level, the June FOMC meeting is a risk factor.
In other words, whether this rise is a genuine revival or a temporary bounce is still difficult to determine.