Bitcoin Surges as Wall Street Opens Green on April 13

A Welcome Rebound for Bitcoin

In an unexpected twist, Bitcoin (BTC) enjoyed a much-needed sigh of relief as the market welcomed the Wall Street opening on April 13. Prices shot up to around $40,965 right off the bat, marking a much-appreciated uptick after a prolonged period of boring sideways trading beholden to gravity.

Traders Remain Cautious

Despite the joyous celebration of crossing the $40,000 threshold, not all traders were tossing confetti just yet. Some kept a wary eye on potential lower entry points for a long position, particularly around $39,500. As one trader aptly put it, “Not all heroes wear capes, some just keep watching the numbers.”

Fluctuating Sentiment in the Crypto Circus

The financial landscape was further complicated by macroeconomic factors, primarily inflation. On April 12, the U.S. Consumer Price Index (CPI) reported a staggering 8.5% inflation rate—the highest since 1981. Meanwhile, the UK set its own record at 7%. Overall, the atmosphere felt a bit like running an obstacle course blindfolded, but traders showed readiness for a bounce-back.

Liquidations and Market Pressure

The dip below $40,000 wasn’t just a hiccup; it financially clobbered many participants, crossing $500 million in liquidations, particularly affecting long holders. It was a classic “what goes down must come up”—except, of course, when it goes back down again.

Fear & Greed: Crypto’s Roller Coaster Ride

Amidst all this chaos, the crypto community’s emotions swung wildly. According to the Crypto Fear & Greed Index, fear had reached an all-time low of 20/100, reflecting a palpable sense of dread among market players. Last seen in late February, it’s safe to say sentiment was running lower than a limbo competition at a retirement home.

As traders gear up for what could be another exciting day in the crypto universe, one thing’s for sure: in this wild roller coaster, always keep your arms and legs inside the vehicle!