Bitcoin price prediction as the fear and greed index remains at 27

The Bitcoin worth rose for the second straight day as sentiment concerning the business improved. BTC rose to a excessive of $41,765, which was considerably greater than this week’s low of $38,800. It stays considerably under the all-time excessive of close to $70,000.

concern and greed index

Bitcoin tilted greater as buyers rushed to purchase the dip following this week’s substantial decline. Information reveals that the Bitcoin concern and greed index continues to be within the concern zone of 27. Nonetheless, this degree continues to be higher than final week’s excessive concern degree of 25.

A better have a look at Bitcoin’s efficiency reveals that it’s nonetheless considerably correlated with conventional property like shares. The tech-heavy Nasdaq 100 index has rebounded sharply these days even after the weak outcomes by Netflix.

The macro-environment has been a bit dynamic these days with some commodities hovering whereas others are retreating. On the similar time, the bond market has continued to ship warning alerts concerning the American financial system. This week, the 30-year yield crossed the three% degree for the primary time since 2018.

A better have a look at on-chain knowledge reveals that some buyers have began to purchase the dip. In line with Glassnode, a big quantity of Bitcoin provide has been re-accumulated between the $38k and $45k ranges. These are vital market ranges as a result of they decide the present consolidation section.

Glassnode additionally famous that almost all Bitcoin holders presently purchased their cash above the $40,000 degree and are principally long-term holders. On the similar time, many individuals who purchased the cash above $50,000 agave already capitulated and redistributed their cash. Because of this, so long as Bitcoin is between $35,000 and $42,000, it’s nonetheless in an accumulation section.

Bitcoin worth prediction

On the hourly chart, we see that the coin has been in a powerful bullish development up to now few days. It has managed to maneuver above the vital resistance degree at $41,550, which was the very best degree on April thirteenth.

It has additionally moved above the 25-day and 50-day exponential shifting averages (EMA) whereas the MACD has continued rising. Subsequently, there’s a probability that the BTC pair will proceed rising as bulls goal the important thing resistance at 44,000. Study the best way to purchase bitcoin right here.