Home Bitcoin NewsBitCoin Forex Bitcoin’s Move Beyond $40-45K Will Determine Further Trend

Bitcoin’s Move Beyond $40-45K Will Determine Further Trend

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The
Crypto Fear and Greed Index remains at 24 for the third day, matching the
extreme fear assessment.

However,
such a low index reading this time does little to describe the dynamics of a
market whose total capitalisation has been moving between $1.95 trillion and
$2.00 trillion since Tuesday.

Bitcoin
has gained 0.4% in the past 24 hours to $41.9K, mainly ignoring the decline in
US stock indices following Wednesday’s results.

Buying
on declines below $41K is not yet a cause for optimism, as a downtrend with
lower highs has been underway for more than a week.

According
to technical analysis, this is often followed by a pullback. But reversal
patterns are not excluded when the bulls break through the downside resistance.
In our case, the signal of an upside reversal would be stabilisation above
$45K.

Local
positive dynamics in bitcoin and ether were offset by a pullback in Cardano and
a further dip in Solana within the weekly trend.

While
buying sentiment is strong among market participants on the stock market
decline, bulls in cryptocurrencies are also not giving up psychologically
significant support levels, now at $40K for Bitcoin and $3K for Ether. A
consolidation below them could be a harbinger of an acceleration in fall.

The
outcome of this confrontation today could be determined by the dynamics of the
stock markets, where the key indices – the Nasdaq 100 and Dow Jones 30 – have
corrected to their 200-day moving averages.

This article was written by FxPro’s
Senior Market Analyst Alex Kuptsikevich.

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