Bitcoin above $30,000 – level amid a “Extreme Fear” reading

Bitcoin

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:

TRADE SIGNAL: BITCOIN – BUY: 32820, TARGET: 35400, AND STOP-LOSS: 31400

About Author

Related posts

European stock markets

European Stocks Largely Higher; DAX Underperforms After Trade Deficit 

FTSE 100 is trading up 0.65% at 7196.67 European stock markets edged largely higher Monday, starting the new week on a positive note despite the Wall Street holiday limiting activity. By 03:40 AM ET (0740 GMT), the DAX in Germany traded 0.1% lower, while the CAC 40 in France...

Read More
copper

Copper set to end June with a 16-month low

The price of COMEX Copper futures is down 2.33% at 3.6925 per pound on mid-Thursday trades. Copper prices further declined on Thursday. This makes copper prices on track for the biggest quarterly percentage fall since March 2020. The potential of a recession occurring coupled with the decline in demand...

Read More

Leave a Reply