Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion
September 23 2021 - 1:00PM
NEWSBTC
Bitcoin has once again recovered from what looked to be the
beginnings of another bear market. The crashes had left the price
of the digital asset struggling in the market, putting the bears
ahead. With the recent rebound above $44,000, the bulls have
obviously wasted no time in taking back control of the market.
Wednesday’s fall below $40,000 now looks to be nothing but a blip
on the radar. Fear & Greed Index Breaks Out Of Extreme Fear The
beginning of the week has seen bitcoin suffer an onslaught of price
dips. Dropping the value of the digital asset into one-month lows.
This inadvertently played out in sentiment surrounding investing in
the asset. With the dips, the Fear & Greed Index had slipped
into the “Extreme Fear” territory. This prompted sell pressures of
varying degrees across digital currencies in the market. Related
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Wednesday marked the lowest point of the bloodbath with bitcoin
falling into the $39,600 territory. A dip that was almost
immediately followed by small upward corrections pulled the price
of the digital asset back into its low $40,000 trading range. Fear
& Greed Index moves out of extreme fear | Source: Fear &
Greed Index on alternative.me Thursday, on the other hand, has come
with better tidings for the digital asset. The early hours of the
morning featured a price rebound that added about $1,000 to the
asset’s price in a couple of hours. Following this, market
sentiment has shifted towards the positive. As of Thursday, the
crypto Fear & Greed Index shows that sentiment has now moved
out of extreme fear but remains in the fear region with a score of
27. Bitcoin Shrugs Off The Bears Bitcoin saw massive long positions
liquidated between Monday and Tuesday as the price suffered. This
contributed to the further downtrend that was experienced as
Wednesday rolled around. The market crashes saw the total crypto
market cap once again fall below $2 trillion. But with the recovery
in bitcoin and other assets, a $200 billion addition to the market
put the total market cap back up above $2 trillion. Related Reading
| Did Bitcoin Really Experience A Flash Crash Down To $5,400?
Bitcoin has now steadily held on to the $43-$44K price range.
Holding off the bears long enough for the market to find its
footing in preparation for another run-up. With positive sentiment
gaining steam in the market, the sell pressure on the market is
receding, giving way to more faith in the market. At the time
of writing, bitcoin is trading north of $43K at $43,810. BTC price
recovers from Wednesday lows | Source: BTCUSD on TradingView.com
Featured image from BBC, charts from Alternative.me and
TradingView.com
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