Does a 30% Fear & Greed Index Signals Bottom?
The post Does a 30% Fear & Greed Index Signals Bottom? appeared on BitcoinEthereumNews.com.
Bitcoin Price Analysis: Following a two-week correction, the Bitcoin price now stabilizes above the psychological level of $60000. The consolidation market short-bodied candle has eased the selling pressure in the altcoin market but signs of reversal are yet to develop. Furthermore, the major contributor to the downfall— Bitcoin miners’ capitulation and BTC ETF outflow has also witnessed a drop which could allow the buyers to form a sustainable bottom. Also Read: Bitcoin Bull Run at Risk? Bloomberg Analyst Warns Of Dominance Reversal In Q2 Bitcoin Price Analysis: Large Bitcoin Accumulations Amid Market Fear Amid the recent market correction, the Bitcoin price witnessed a notable downswing from $72000 to $60919, registering a 15.35% loss. The falling price faced renewed pressure at the $60000 level shifting the BTC trajectory sideways. The daily chart producing alternative green and red candles indicates no clear initiation from buyers to sellers to lead this asset. Amid the consolidation, Bitcoin’s Fear and Greed index dropped to 30% suggesting that investors are feeling fearful of the current market movement. While this fear could lead to a prolonged correction in the near term, several analysts often view it as a buying opportunity, as less confident investors exit the market in such scenarios, paving the way for more experienced investors to enter. Moreover, the renowned trader Alicharts recently highlighted a significant accumulation of Bitcoin, signaling a potential shift in market sentiment. As per the tweet, over 20,200 BTC, worth approximately $1.23 billion, were sent to accumulation addresses. This large-scale purchase occurred amid a dip in Bitcoin to $60,888 indicating an increasing confidence of market whales. Someone bought the #Bitcoin dip! Over 20,200 $BTC, worth $1.23 billion, were sent to accumulation addresses… 👀 pic.twitter.com/FAyKK6UzDN — Ali (@ali_charts) June 28, 2024 Also Read: Morgan Stanley Predicts Rate Cuts In September By Fed…
Filed under: News - @ June 30, 2024 5:02 am