3 Bullish Signs for Bitcoin Following Recent Crash
The post 3 Bullish Signs for Bitcoin Following Recent Crash appeared on BitcoinEthereumNews.com.
February began on the wrong foot, even though it’s historically a highly positive month for bitcoin. This time, though, the cryptocurrency plunged last Sunday and Monday by $15,000 within days. Although the asset has failed to recover most of the losses since the end of January, the overall bullish sentiment remains strong on several fronts. Fear Is Good The aforementioned crash took bitcoin down hard as its price stood above $106,000 last Friday before it dumped toward $91,000 on Monday morning during the US tariffs-induced collapse. Such substantial price movements in either direction tend to influence the overall market sentiment, and this correction was no exception. Popular crypto analyst Ali Martinez pushed a chart indicating that the crowd has turned negative toward BTC. Moreover, the Fear and Greed Index also went from ‘greed’ to ‘fear’ for the first time since the US elections in November. However, both of those could actually be a blessing in disguise for the largest crypto asset as “the best buying opportunities often come when crowd sentiment toward bitcoin is negative,” said Martinez. Bitcoin Fear and Greed Index. Source: Alternative.me Let’s not forget Warren Buffett’s timeless advice, suggesting that investors should be fearful when people are greedy and vice versa. Critical Support and Buying Pressure Martinez further highlighted $92,800 as the critical support that showcases whether the ongoing bull run is intact or not. If BTC maintains it, the MVRV pricing bands show that the bull case is still active, while a drop below it could spell trouble for the asset. The cryptocurrency has slipped beneath that line on several occasions in the past few months but has managed to bounce above it almost immediately after each correction. #Bitcoin $BTC holding above $92,800 keeps the bull case intact, according to the MVRV Pricing Bands. pic.twitter.com/ICB14eJEHT —…
Filed under: News - @ February 9, 2025 12:22 pm