Journalist
Posted:
- The strength of Bitcoin above $ 92k support during the recent, tumultuous weeks was encouraging for the bulls.
- The falling sentiment was a reflection of steady losses in the rest of the market and online involvement.
The Long -term Bitcoin [BTC] Outlook remained Bullish because the price was still within a range. Nevertheless, Tether metrics showed that the intake of Stabilein to exchange has dried up.
Traders and investors hesitated to enter the market, an understandable response to the price action of the past weeks.
The Bitcoin Buy/Sell Delta showed a decrease in the purchasing pressure in the past two months.
The market sentiment is also weakened and achieved September and October levels after it has not defended the November win.
Bitcoin Fear and Greed Index drops to lows of 4 months
The Bitcoin Fear and Greed Index uses various factors such as price promotion, volatility, involvement of social media and BTC -dominance to measure sentiment.
The strong profit after the US presidential election saw sentiment rise higher.
Earlier, the Rally of March 2024 saw the index values of 80 and higher consistently. This started to shift at the end of April. Similarly, the increase in November began to averted a little more than a month later.
This descent has not yet completely stopped.
Source: BTC/USDT on TradingView
The weekly graph showed that BTC has a sturdy bullish swing structure despite the whimsical sentiment fluctuations.
Regardless of the anxious macro-economic prospects in the American markets, and the rate-related volatility in certain markets, Bitcoin has defended the lowest Lows of $ 92k.
It could fall to $ 88k $ 90k somewhere in the coming weeks, but this wipe the range of access would offer a purchase option. Hodlers may not admit to panic – at least not yet.
BTC did not consolidate in a falling channel for seven months in 2024, just to make a rally of 60% and then stop.
Or maybe it is difficult to be sure, but most on-chain statistics do not show that there is no top yet.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
