Monday, February 6, 2023
    HomeMarketBitcoin price prediction as the fear and greed index remains at 27

    Bitcoin price prediction as the fear and greed index remains at 27


    The Bitcoin worth rose for the second straight day as sentiment in regards to the trade improved. BTC rose to a excessive of $41,765, which was considerably greater than this week’s low of $38,800. It stays considerably beneath the all-time excessive of close to $70,000.

    Concern and greed index

    Bitcoin tilted greater as traders rushed to purchase the dip following this week’s substantial decline. Information exhibits that the Bitcoin worry and greed index continues to be within the worry zone of 27. Nonetheless, this degree continues to be higher than final week’s excessive worry degree of 25.

    A more in-depth have a look at Bitcoin’s efficiency exhibits that it’s nonetheless considerably correlated with conventional property like shares. The tech-heavy Nasdaq 100 index has rebounded sharply these days even after the weak outcomes by Netflix. 

    The macro-environment has been a bit dynamic these days with some commodities hovering whereas others are retreating. On the similar time, the bond market has continued to ship warning alerts in regards to the American economic system. This week, the 30-year yield crossed the three% degree for the primary time since 2018.

    A more in-depth have a look at on-chain knowledge exhibits that some traders have began to purchase the dip. In line with Glassnode, a big quantity of Bitcoin provide has been re-accumulated between the $38k and $45k ranges. These are vital market ranges as a result of they decide the present consolidation section. 

    Glassnode additionally famous that the majority Bitcoin holders presently purchased their cash above the $40,000 degree and are largely long-term holders. On the similar time, many individuals who purchased the cash above $50,000 agave already capitulated and redistributed their cash. Consequently, so long as Bitcoin is between $35,000 and $42,000, it’s nonetheless in an accumulation section.

    Bitcoin worth prediction

    On the hourly chart, we see that the coin has been in a robust bullish development previously few days. It has managed to maneuver above the vital resistance degree at $41,550, which was the best degree on April thirteenth. 

    It has additionally moved above the 25-day and 50-day exponential shifting averages (EMA) whereas the MACD has continued rising. Due to this fact, there’s a probability that the BTC pair will proceed rising as bulls goal the important thing resistance at 44,000. Study how to buy Bitcoin right here.

    Source link

    Related articles


    Please enter your comment!
    Please enter your name here


    Latest posts