Bitcoin price rallyadded billions of dollars in value to the cryptocurrency market in just one night. Supporters consider the $41,000 level to be very important for the Bitcoin (BTC) price uptrend to continue.
Bitcoin price managed to break the ‘cross-downtrend’ after three months. Since the Bitcoin Fear & Greed Index is considered an important and reliable data source regarding the sentiment in the cryptocurrency markets, the analysis of the data reflected in this index was also very important. The index has been at the red level since December 2021, but according to February 6, 2022 data, it seems to have escaped from the red zone by being at the level of 37 above 100.
Bitcoin Fear and Greed Index is 37 – Fear
Current price: $41.402 pic.twitter.com/BRYXtgLMfJ— Bitcoin Fear and Greed Index (@BitcoinFear) February 6, 2022
The interpretation of the data, on the other hand, took place in such a way that investors began to believe in Bitcoin bullishness for the first time in 2022. The index reached a score of 8/100, representing extreme fear, in January. As the indicator rises, investor sentiment becomes less fearful.
As investor sentiment on Bitcoin shifts, the asset broke past $41,000 overnight, breaking a long downtrend. Bitcoin (BTC) Its price rose to $41,000, adding $170 billion to its crypto market cap.
Another factor that increases the sensitivity of crypto investors is Jack Dorsey’s proposal to strengthen the “Universal Basic Income (UBI)” with Bitcoin. Dorsey suggested Bitcoin-based UBI to US congressional candidate Aarika Rhodes in a recent Twitter chat.
I’m very excited to host a Twitter Spaces on UBI and #Bitcoin with @jack.
Joined by: @PrestonPysh @nic__carter @ODELL @Dennis_Porter_ @bigmarh @ck_SNARKs
February 4th at 6:45 PST. Click the link below to add to your calendar: https://t.co/Vvl1YgYWrI pic.twitter.com/MgtXg81Shl
— Aarika for CA-32 🍎🦉 (@AarikaRhodes) February 2, 2022
Analysts evaluating the Bitcoin price trend almost agree that the $41,000 level is an important value for bullishness. Will Clemente, lead analyst at Blockware, bitcoin pricebelieves the company is targeting $47,000. Clemente, on the other hand, announced that he has set his big target for the BTC price as $ 58,000.
Pretty straightforward price action-wise for BTC.
Bidding green box(es); would like to see a higher low set for continuation. Flip the 40-41k area as support and can start eyeing 47K which is PoB in confluence with yearly open and STH realized price. Final major area is 58k. pic.twitter.com/jJqs5qe8tB
— Will Clemente (@WClementeIII) February 5, 2022
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.