Since the beginning of this month, Bitcoin has witnessed tremendous pressure, as the main assets hindered the submission to another big rally. After a decrease of $ 80,000, BTC started recovering again, trading above $ 85,000. As a result, the feelings of investors began to build more Neutral area.
Change in Bitcoin’s morale in the market
With the renewed Bitcoin movement to the top of the traction, many measures began to show positive developments. The feelings of investors also improved, and they drew a thunderbolt look at Market dynamics in BTC.
Axel Adler Junior, an experienced expert on the series and his macro researcher specific Significant progress in the Bitcoin Fear and Greed index as it shows stability marks. Fear and greed index is a technical tool that measures the total feelings of the BTC market, using a variety of data sources integrated to create one number.
This change in the index indicates that investor morale is gradually improving, and may reduce the current sale pressure and provide a more stable circulation environment. The transformation that coincides with the current BTC monotheism may cause a new bullish momentum. Meanwhile, it is likely that you will keep the continuous uncertainty in the market cautious to traders in the near future.
According to the macro researcher, 90 days (quarterly) Fear of bitcoin and greed indicator He decreased by about 22 percentage points over the past two months, as he immigrated from the extremist greed area to more moderate levels.
In the event of a decrease in the index from 10 to 15 other points in the short term, the market may completely cool. Thus, emotional fluctuations may decrease and the players will become accustomed to negative factors. However, it may take from 4 to 6 weeks until the decisive indicator decreases by 10 to 15 points at the current rate.
While 90 days Bitcoin The fear and greed index turns into more moderate levels, and the moving average for 30 days (per month) already creates a local bottom. This is similar to how the last stagnation ended when the BTC price decreased to the area of $ 54,000.
Has the current BTC correction reached its end?
It should be noted that after marking $ 54,000, BTC It witnessed a large crowd for more than 107 % to its highest level ever at $ 109400. Looking at the last price movement in BTC, Mags, an encryption analyst Expected A similar development occurs as the leading assets represent a new decrease of $ 76,600.
However, this expected rise in prices depends on the level of support for the critical relative index (RSI) from 45 Support supportMAGS predicts 64 % of the situation if it only returns to the declining direction line.
In addition, this step, which corresponds to the extension level of 1.618 Fibonacci, will reach the price of BTC to the level of $ 128,000, which represents a new milestone and the highest level of the original.
Distinctive image from Unsplash, Chart from TradingView.com
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