Bitcoin has recovered from what seemed to be the start of another bear market. The crashes kept digital asset prices struggling in the market, putting the bears ahead. With the recent rebound above 44,000, the bulls clearly don’t waste time taking control of the market. Falling below 40 400,000 on Wednesday now seems to be nothing more than a blur on the radar.
The indicators of fear and greed come out of extreme fear
Earlier in the week, Bitcoin was hit by declining prices. Bring down the value of digital assets to a one-month low. It inadvertently turned into a feeling of being around investing in assets. With Deep, the fear and greed indicator has moved into the “extreme fear” zone. This creates selling pressure of varying degrees across digital currencies in the market.
Related Reading | Just 10 days after El Salvador’s “Bitcoin Day”, President Buchanan confirms that 1.1 million citizens have Chivo wallets
Bitcoin, the lowest point of bloodshed on Wednesday, fell in the 39,600 area. A dip that almost immediately followed the small ward upward correction brought the value of digital assets back to its lower $ 40,000 trading range.
Fear & Greed Index moves out of extreme fear | Source: Fear & Greed Index on alternative.me
On the other hand, Thursday brought better news for digital assets. The early hours of the morning set a price rebound that adds about $ 1,000 to the value of the property in a matter of hours. Since then, market sentiment has moved in a positive direction. As of Thursday, the Crypto Fear and Love Index shows that sentiment has now gone beyond extreme fear but remains in the fear zone with a score of 27.
Bitcoin turns off beers
Bitcoin has seen the end of a huge long position between Monday and Tuesday as prices are suffering. This contributed to a further downward spiral that was revolved around Wednesday. The market crash has seen the total crypto market cap once again fall below $ 2 trillion. But with the recovery of Bitcoin and other assets, adding বাজারে 200 billion to the market brings the total market cap to over 2 2 trillion.
Related Reading | Has Bitcoin really experienced a flash crash for 5,400?
Bitcoin is now consistently holding in the পরিস 43- $ 44K price range. Keep the legs in preparation for another run-up to the market long enough to hold the bear. Positive sentiment in the market The selling pressure in the market is decreasing as the steam rises, which shows the way to more confidence in the market. At the time of writing, Bitcoin is trading at $ 43,810 north of $ 43K.
BTC price recovers from Wednesday lows | Source: BTCUSD on TradingView.com
Featured image from BBC, charts from Alternative.me and TradingView.com