Thursday, February 2, 2023
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    Bitcoin price prediction as fear and greed index improves


    • BTC has been in a consolidation part previously few days.

    • Bitcoin’s worry and greed index has moved to the worry degree.

    • The broad worry index by CNN Cash remains to be within the greed zone.

    Bitcoin worth remained below intense stress as considerations concerning the crypto trade continued. It was buying and selling at $16,516 on Tuesday, the place it has been previously few days. This worth is a couple of factors above this month’s low of $15,733. The BTC/GBP and BTC/EUR have additionally been consolidation part as properly.

    FTX and Alameda contagion continues

    Bitcoin and different cryptocurrencies have been on edge following the collapse of FTX. At its peak, the corporate was the second greatest cryptocurrency exchange on the earth after Binance. It was additionally seen as a savior of the blockchain trade because the founder made vital investments in a struggling firm.

    The contagion within the trade has continued. On Monday, BlockFi, a struggling crypto lender, filed for chapter after the collapse of FTX. FTX had reached a definitive settlement to amass the corporate, as we wrote on this report.

    Different firms are struggling as properly. For instance, over 150 corporations have utilized for financing from a fund created by Binance and different massive gamers. On the similar time, Digital Foreign money Group (DCG) has employed restructuring consultants as its portfolio firms come below stress.

    Crypto worry and greed index improves

    Bitcoin worth has been in a decent vary because the cryptocurrency worry and greed index improves. In accordance with AlternativeMe, the worry and greed index was on the worry degree of 26 on Tuesday, which was increased than final week’s excessive worry of twenty-two. 

    The worry and greed index is a vital gauge within the crypto trade because it measures the general sentiment of the coin. It seems at key knowledge like Google Developments, market dominance, and social media exercise.

    Alternatively, the broader CNN Cash worry and greed index remained on the greed degree of 59. Key numbers like inventory worth power, inventory worth breadth, and put and name choices are on the greed degree. Bitcoin tends to do properly in intervals of sustained greed.

    Bitcoin worth forecast

            Bitcoin chart by TradingView

    The each day chart reveals that the BTC worth has been below intense stress previously few months. It stays barely beneath the necessary assist degree at $17,606, which was the bottom degree in June. The coin has additionally moved beneath all shifting averages. It has additionally shaped what seems like a bearish pennant sample.

    Subsequently, the coin will probably have a bearish breakout as sellers goal the subsequent key assist at $15,000. A drop beneath that assist implies that the coin has increased likelihood of falling to $10,000.

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