Bitcoin above $30,000 – level amid a “Extreme Fear” reading
31 May 2022
The price of Bitcoin is down 0.42% at $31,579.52 on mid-Tuesday trades.
Bitcoin opened the week on a bullish note, soaring around 7.0% and closing the crucial $30,000 – level. The emerging rebound from the bottom may be self-sustaining at first, as many market participants believe that Bitcoin has corrected enough to become attractive for long-term buying. However, fundamentals such as halving or soft monetary policy or accelerated adoption are needed for the growth/climb to continue.
The Fear and Greed Index rose from 10/100 to 16/100, its highest level since the May 8 value of 18/100. Despite the upswing in price, the index remains deep in the “Extreme Fear” zone, reflecting investors’ fears of another bitcoin and broader crypto market sell-off.
Glassnode, on Monday, released a report that conclude that, according to the wallet activity, Bitcoin HODLers are “the only ones left” in the market and that they appear to be “doubling down as prices correct below $30,000.”
On the technical side, the RSI of Bitcoin stood at 50.63 and is currently trading above MA (5) and MA (20) but below MA (50). SO, BUY position can be taken with the following target and stop-loss: