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BTC Holds Steady at 23k, Although Bearish Formation is Forming
Summary: Bitcoin hit a one-month high of $24,207 yesterday, but following the news of Tesla’s liquidation, the price has slid to $23,007 at the time of writing. The price still has a long way to recover to levels seen in the Spring, but this is a small step in the right direction. The BTC fear and ...
Bitcoin hit a one-month high of $24,207 yesterday, but following the news of Tesla’s liquidation, the price has slid to $23,007 at the time of writing. The price still has a long way to recover to levels seen in the Spring, but this is a small step in the right direction.
The BTC fear and greed index finally shows some optimism, with a rating of 34/100 (0 being extreme fear). Although this sounds like a somewhat bearish outlook, last month recorded the lowest average rating, with a daily average of only 9.
The Bitcoin buy/sell ratio has also begun to move positively, which is also a strong indicator of overall market sentiment. It shows the total inflow vs. outflow of cash into the cryptocurrency across all exchanges. It has been up over the last week and should be monitored closely to see if the trend stops.
On the daily chart according to Cryptopotato, the BTC price is making lower highs and lower lows, indicating a bearish trend. The 50-day moving average also supports this idea, as the price has decreased since March. In the past, when the price tested the mentioned moving average and formed a bearish or Doji candlestick pattern, it began to fall quickly.
On the other hand, an acceptance above $23,000 would challenge the bearish outlook. Either way, it is good to see a healthy dose of optimism return to the market, as investors have had a rough last couple of months.
Author: Garrett Meifert
Tags: Bitcoin,BTC,Fear and Greed Index
Link: BTC Holds Steady at 23k, Although Bearish Formation is Forming [Copy]
