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


The Bitcoin value rose for the second straight day as sentiment in regards to the trade improved. BTC rose to a excessive of $41,765, which was considerably increased than this week’s low of $38,800. It stays considerably beneath the all-time excessive of close to $70,000.

Worry and greed index

Bitcoin tilted increased as buyers rushed to purchase the dip following this week’s substantial decline. Information exhibits that the Bitcoin worry and greed index remains to be within the worry zone of 27. Nonetheless, this stage remains to be higher than final week’s excessive worry stage of 25.

A more in-depth take a look at Bitcoin’s efficiency exhibits that it’s nonetheless considerably correlated with conventional property like shares. The tech-heavy Nasdaq 100 index has rebounded sharply currently even after the weak outcomes by Netflix. 

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

A more in-depth take a look at on-chain information exhibits that some buyers have began to purchase the dip. In response to 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 part. 

Glassnode additionally famous that the majority Bitcoin holders presently purchased their cash above the $40,000 stage and are principally long-term holders. On the identical 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 part.

Bitcoin value prediction

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

It has additionally moved above the 25-day and 50-day exponential transferring averages (EMA) whereas the MACD has continued rising. Due to this fact, there’s a probability that the BTC pair will proceed rising as bulls goal the important thing resistance at 44,000. Be taught how to buy Bitcoin right here.



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