Category: Cryptocurrency News

BTC price caught a bid, leading to a similar-sized boost in select altcoins, but on a macro level, $20,000 remains a strong overhead resistance.

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Bitcoin has displayed some strength during today’s trading session after re-visiting the bottom of an important trendline. The benchmark crypto has been trading in a tight range, between $18,600 and $19,500, but the monthly close might support a spike in volatility as bulls and bears fight for this candle. Related Reading: 2022: The Year Extreme Fear Took Over The Crypto Market At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and 7 days. Other cryptocurrencies seem to be the following Bitcoin as they record small profits on low timeframes. The benchmark crypto might be preparing for further gains. Bitcoin Sets The Stage For More Profits? In addition to the monthly close, Bitcoin’s recent price action seems to be supported by a crash in the U.S. Dollar. The currency was able to reach levels last seen in the early 2000s, as it touched 115 on the DXY Index, but it was rejected from these levels. At the time of writing, the DXY Index trades at 112 and might return to its early September lows much southern. The DXY Index’s rally has been one of the main obstacles capping the upside in Bitcoin and other risk-on assets, such as equities. In that sense, a revisit of the September lows might allow the crypto market to extend its current bullish price action over the coming weeks. According to analyst Justin Bennett, the DXY Index price action might support a Bitcoin rally back to $26,000. The cryptocurrency might reach this level before the next U.S. Federal Reserve Federal Open Market Committee (FOMC) meeting. As seen in the chart below, Bennett claims that Bitcoin has been trading in a channel with a bottom at around $18,700 and a top at $27,000. With U.S. dollars trading to the downside, Bitcoin might be able to reclaim the high of this channel. The analyst wrote: “As long as $18,700 holds, this is my Bitcoin playbook through October”. Bitcoin On A Lighter “Bear Market”? Additional data from a pseudonym analyst indicates that Bitcoin might be in a lighter downside price action. The analyst looked into BTC’s price previous drawdown from its all-time highs (ATH) and discovered that the cryptocurrency is only 74% from those levels. In the 2013 and 2017 bear markets, Bitcoin crashed 84% from its previous all-time high and in 2011, 93%. This could suggest BTC bear market is getting weaker or that the cryptocurrency might see another leg down. Related Reading: Chainlink Price Struggles To Break Above, Can Price Hit 10? In addition, the analyst discovered that Bitcoin has spent 316 days away from its all-time high. In previous years, the cryptocurrency is able to find a bottom on an average of 312 days after crashing from its ATH. In that sense, the analyst concluded: The duration of 316 days in current bearmarket so far is between 2011 and 2013 + 2017. Either, we bottom soon-ish or this time is different. The average duration from top-to-bottom is very interesting as well. The average is 312 days, which is where #Bitcoin is right now.

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Analysts claim “mega whales” will make it very difficult for BTC traders to flip $20,000 to support.

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The year 2022 so far has seen the crypto market spend most of its time in the fear territory, with a large chunk of it being especially deep into extreme fear. Crypto Fear And Greed Index Continues To Point At “Extreme Fear” According to the latest weekly report from Arcane Research, the market has continued to be fearful without any breaks for 178 days now. The “fear and greed index” is an indicator that tells us about the general sentiment among investors in the crypto sector. The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. All values above 50 signify that investors are greedy right now, while those below the threshold suggest a fearful market. Values of more than 75 and less than 25 towards the ends of the range imply sentiments of “extreme greed” and “extreme fear,” respectively. Now, here is a chart that shows the trend in the crypto fear and greed index over the past year: The value of the metric remains quite low | Source: Arcane Research’s The Weekly Update – Week 38, 2022 As you can see in the above graph, the crypto fear and greed index has continued to be at a low value in recent weeks. The current value of the indicator is 20, which means the market sentiment is that of extreme fear at the moment. Related Reading: Bitcoin 90-Day CDD Hits All-Time Low, What Does It Say About Market? In total, the investors have been fearful for 178 consecutive days now, the longest streak since the metric was created back in 2018. For a great chunk of this time, the crypto market has actually had an extremely fearful sentiment. Prior to the relief rally in prices of coins like Bitcoin back during August, the sector saw a record extreme fear run. Overall during the year 2022, the indicator has spent very few days in the greed territory. Extreme fear has taken over the market for much of the time, and when there hasn’t been bottom sentiment, there has still been fear looming around the investors’ minds. Related Reading: Bitcoin (BTC) Price To Reach In Millions By 2030, Says Analyst Historically, the relevance of extreme fear territory has been that cryptos like Bitcoin have generally observed bottoms during stretches of such deep sentiment. The report notes that while accumulating in these periods can be a good strategy, investors should be aware that the fearful sentiment can go on for much longer still. BTC Price At the time of writing, Bitcoin’s price floats around $19k, down 1% in the past week. Looks like the value of the crypto has already come down from the surge a couple of days ago | Source: BTCUSD on TradingView Featured image from Natarajan sethuramalingam on Unsplash.com, charts from TradingView.com, Arcane Research