Bitcoin price rebounded to $40,000-but will the bears retaliate?


Bitcoin (Bitcoin) Returned to $40,000 on Wednesday as the bulls and bears played a tug of war for the hard-won high ground.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Judging from the current BTC price level, “a lot of things may happen”

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD reached 40,200 US dollars overnight, and continuously closed the rare eight consecutive green daily charts.

Investors already Initially skeptical The strength of the initial rebound that started on Monday, after soaring to the $40,000 mark, followed by a correction of about 9%.

For Sam Trabucco, a qualitative cryptocurrency trader at Alameda Research, based on previous gains, this behavior is not surprising, but the next few days should be very stressful.

“A lot of things may happen from here-BTC has a stock test version, so it is likely to continue to benefit from this, and historically there has been an’integer resistance’ that may make it difficult to maintain above $40,000,” he Summarized in a series tweets on Wednesday.

“But $40,000 is the local maximum, so if we rebound a little bit, the short position also has a lot of potential to be liquidated. Let’s see! The next few days should be fun, I’m glad I fell asleep. “

Nonetheless, his prediction came in the form of shorts stay The major exchange Bitfinex was at a low level that day-earlier this month, the sudden increase significantly affected short-term price pressures.

Review At the same time, the buying and selling levels of the main exchange Binance showed that $38,500 was the recent increase in Bitcoin’s support level, and $41,000 was also hardened as a resistance level.

BTC/USD trading level (Binance) as of July 28. Source: TradingView

Fear and greed rose to their highest level since May

For better or worse, this week’s price movements have had a considerable impact on market sentiment.

related: As the unlocking fear subsides, the GBTC premium matches the level of the Bitcoin price collapse

according to For the cryptocurrency fear and greed index, fear has almost disappeared from the mentality of market participants. Its measurement index has reached 50 for the first time since the BTC price plummeted in May, or the “neutral” area.

The index doubled in just two days, and last week’s score was only 10/100, which corresponds to the “extreme fear” market sentiment.

Nonetheless, there is still room for growth-the all-time high in April was accompanied by a 95/100 “extreme greed” score.

Crypto Fear and Greed Index as of July 28. Source: Alternative.me