Crypto Market Drops To Extreme Fear As Bitcoin Struggles To Hold $19,000
26 Octobre 2022 - 01:00AM
NEWSBTC
The crypto market sentiment has been on the decline over the last
year and it has come in tandem with the decline in bitcoin price.
Bitcoin, which moves the entirety of the crypto market most times,
has had a tough go of it in recent times. Now, as the pioneer
cryptocurrency continues to struggle to hold a good value in the
market, sentiment has plunged towards 3-month lows. Market In
Extreme Fear The crypto market is now entering what is one of the
longest fear trends in recent history. Over the last six months,
there has not been any significant recovery in market sentiment.
The last time that the crypto market had come close to completely
exiting the fear territory was back in August when there was some
recovery in the market. Related Reading: $185 Million Worth Of AXS
Tokens Set To Be Unlocked, Time To Get Out Of Axie Infinity? During
this time, the price of bitcoin had seen a run-up that put it above
$25,000. However, it had stopped just short of entering the green
territory and has remained down since then. For three months
now, market sentiment has remained muted and has not seen any
positive movement. The score for last week came out to 22 which put
the market firmly in the extreme fear territory, also following the
same theme for the month of September. Market sentiment in extreme
fear | Source: alternative.com It was expected that the market
would see some recovery in the month of October but there hasn’t
been much green in the market since then. The present score for the
market sentiment is 20, which shows even more decline in investor
sentiment. Bitcoin Carries The Market Bitcoin has dominated
the crypto market since its inception, even though the dominance is
now lower than what it used to be. Nevertheless, the bitcoin price
movement still determines the market direction most of the time and
sets the tone for investor sentiment. Given this, for the crypto
market to finally leave the fear territory, there would need to be
a surge in the price of bitcoin. However, one thing that comes with
negative investor sentiment is the refusal to put money into the
market. People are more likely to invest when prices are going up
instead of down even though the latter is a better time to get into
the market. BTC fails to reclaim $20,000 | Source: BTCUSD on
TradingView.com Bitcoin’s current price does not spark confidence
in the hearts of investors, hence the reluctance for investors to
want to purchase cryptocurrencies. To do so, the price of the
digital asset would have to cross $20,000 once more, which is
currently not in the cards given that the cryptocurrency is trading
below its 50-day moving average. Related Reading: ARK Invest’s
Cathie Wood Puts Bitcoin At $1 Million In 8 Years, Here’s Why Bears
are already mounting significant resistance at $19,600, and given
the constant sell pressure on BTC, it is likely that the price of
bitcoin will revisit $19,000 before testing the resistance at
$19,600. But a successful test of this resistance level will see
BTC aiming for the next significant resistance at $20,200. Featured
image from Genetic Engineering and Biotechnology News, chart from
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