Market Sentiment Holds Steady As Bitcoin Aims For $24,000
August 08 2022 - 1:00PM
NEWSBTC
Bitcoin has been holding steady over the weekend. The
cryptocurrency had been able to beat the $24,000 mark last week but
had retraced downward not long after. However, this retracement has
not had too much of a negative impact on the sentiment toward the
digital asset. As bitcoin has started upwards once more, the market
sentiment has been incredibly strong. Bitcoin Goes For
$24,000 The opening of the new week saw bitcoin start below $24,000
in the early hours of Monday. This quickly changed with a rally on
a 6-hour basis that saw bitcoin add more than $500 to its value.
This helped it reclaim this coveted point once more, putting it
firmly above its 50-day moving average. Related Reading: Here’s
What Bitcoin Institutional Inflows Says About The Month Of July
Now, the 50-day MA has always been an important technical level for
bitcoin. It was one indication of the crash that rocked the market
two months ago and the bear market trend that ensured. Since the
digital asset has now beat this point, it has now converted the
bearish indicators to bullish ones. It has also resulted in a
reversal of the selling pressure in the market. Now, as buy
pressure mounts, the value of bitcoin is expected to grow. The
recent recovery has now adequately moved the support level for
bitcoin. The recent move shows that there is now significant
support for BTC at $23,500, which served as a bounce-off point.
Resistance for bitcoin now sits at $24,500, a level that bitcoin
has been unable to beat since the crash. BTC price exceeds $24,000
| Source: BTCUSD on TradingView.com Sentiment Remains Positive
Crypto market sentiment has not been the best in recent months, but
there have been some remarkable recovery over this time. When the
market crash happened back in June, sentiment had plunged far into
the extreme fear territory, keeping investors from actually making
any meaningful moves in the market. However, with the turn in the
price of bitcoin, the market sentiment has begun to change. It had
grown into the fear territory and is currently sitting at a score
of 30 on the Fear & Greed Index. This shows steady sentiment in
the market, which is starting to skew more into the positive.
Related Reading: Bitcoin Funding Rates Turn Positive, Why The Rally
May Not Be Over With this return of faith in the market has come
more investments. Exchange outflows for last week show that
investors are starting to accumulate the coin, especially among
smaller investors, with the number of addresses holding at least 1
BTC reaching a new all-time high of 892,803 on Monday. The market
sentiment still has a long way to go to move completely out of the
fear territory. However, if bitcoin is able to make its mark and
break through $25,000, sentiment is expected to turn bullish very
quickly. Featured image from Coindesk, chart from TradingView.com
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