Bitcoin’s decline from $ 69,000 continued to $ 55,500. This 20% pullback wiped out the profits of many altcoins in recent months.
With this decline, we observe that the level of fear of investors, who have been in an extremely greedy position in recent months, has risen again.
The “fear and greed index”, calculated by the popular analysis company, which tries to measure the emotional reflexes of crypto money investors, based on the trends of market volatility, market volume acceleration, social media attention, Bitcoin dominance graph and the types of research on cryptocurrencies on the internet, is 34 points out of 100 today. was calculated as.
When we look at the historical data of the fear and greed index, we observe that the investors who bought the fear achieved good profits, while the investors who sold the greed were protected from big losses.
When we look at the historical data of the fear index, we see that it has regressed up to 10 points. As Bitcoin continues to hold at $57,000, we will be watching to see if investors who gradually bought the fear will once again profit.
Technically speaking, our first resistance level in Bitcoin appears to be $58,400. If we see 4-hour closes above this level, we can test $60,000 again. On pullbacks, the $52,600-$51,700 region forms our main support level.
When we look at the technical indicators (RSI etc) on the lower timeframes, we see that we are in the oversold zone. This signals that the price may rise in the short term. If the uptrend comes, we will be watching whether the price can be sustained above $60,000.
*Not Investment Advice.