Bitcoin (Bitcoin) Failed to regain $30,000 after losing support on Tuesday because the fear and greed indexes competed to drop to the bottom.
The price of BTC stays below the USD 30,000 waterline
Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD will continue to trade in the 20,000-30,000 USD area on Tuesday.
The biggest cryptocurrency saw a turbulent night price movement and suddenly increased Existing loss A 24-hour negative return of -6% was achieved.
This move accompanied the deterioration of sentiment in traditional markets.This Fear and Greed IndexUsing a basket of factors to determine the sentiment of market participants, it fell into the “extreme fear” zone on Tuesday with an index of 17/100.
At the same time, cryptocurrency equivalents, Crypto Fear and Greed Index, Racing to catch up, dropped to 19/100-also known as “extreme fear”.
The local low of Crypto Fear & Greed last month was only 10/100, while the scores of traditional opponents were halved within a week.
Perhaps it is foreseeable that traders are very cautious.
“Rejected $323,000, rejected $31,000, now in the next support zone,” Michaël van de Poppe of Cointelegraph caveat.
“There is no real trading volume yet, and liquidity should still happen through it, otherwise we will see a test price of $24,000 for Bitcoin.”
On Monday, trader and analyst Rekt Capital summarized the severe situation in the spot market and concluded that the downside is more likely to prevail. In this case, BTC/USD almost completely fell to his target area.
“BTC lost weekly support (black) and convincingly lost the blue 50-week EMA,” he said to sum up Next to the relevant chart on Twitter.
“BTC has failed to maintain the bullish momentum derived from the green box. In fact, BTC’s seller pressure may increase and may soon force it to return to the green zone.”
Altcoins double their daily losses
Take a look Buy and sell positions At the same time, on the main exchange Binance, despite the price drop, it still showed support between US$27,000 and US$29,000.
related: As BTC fell below $31,000, institutional demand for Bitcoin disappeared
On the other hand, resistance is below $35,000, which provides a glimmer of hope for the bulls. If the market fuels the U-shaped rebound above the $30,000 mark, they hope to rebound quickly.
As Bitcoin fell, altcoins exacerbated the existing weakness, and many of the top 50 cryptocurrencies by market capitalization fell by as much as 20% every week.
Ether (Ethereum), the largest altcoin, lost Monday is a long-term uptrend in 2021, continuing to trade below $1,800.
