The Current State of Bitcoin
Bitcoin seems to be on a rollercoaster that only goes down, with prices sliding lower and lower each week. No matter how much positive news hits, like Bakkt’s Bitcoin futures trading volume going up by a whopping 796% or Fidelity’s announcement about crypto custodial services, it feels like trying to get a cat to swim – not happening. The sentiment among traders reeks of ennui as they zero in on the $7,800 mark, hoping their wallets will catch a break.
Fear and Greed – The Index Tells All
The Crypto Fear and Greed Index (CFGI) is currently chilling at flatline – and not in a good way. Investors are holding their breath, nervously clutching their crypto, as they anticipate Bitcoin dropping below the coveted $7,800 support level. If that happens – watch out! The fear level is likely to spike, and not just because we lost an hour of sleep last week.
Altcoins Aren’t Playing Nice
With Bitcoin languishing, it looks like altcoins are ready to steal the spotlight. In a text reminiscent of a high school popularity contest, altcoins like ETH, XRP, and LINK are enjoying a surge in popularity:
- ETH +36%
- XRP +50%
- XLM +43%
- ZRX +170%
- LINK +98%
Any bets on how long this trend will last? With Bitcoin trending bearish, it seems everyone is turning their eyes – and wallets – toward the cooler kids on the block.
Charting Bitcoin’s Decline
As recorded on the daily chart, Bitcoin is barreling towards the double bottom levels of $7,775 and $7,714. A slip below these thresholds could make way for a downhill plunge to $7,300. History suggests that multiple retests tend to lead to a downwards breakout as traders become increasingly hesitant to buy at the $7,800 mark.
Watching the Moving Averages
Market analyst Philip Swift recently urged underwhelmed traders to pay heed to the long-term moving averages. A crossover of the 111-day and 128-day moving averages may signal a significant market shift. But as we sit here eating our popcorn, we can only wait and see if this crossover is a hero or a villain.
Future Prospects: Too Close to Call
The latest trend suggests an erratic situation for Bitcoin as the price lingers in a state of flux. If Bitcoin can’t overcome that pesky $8,450 barrier, it may find itself sliding southwards—potentially as low as $6,720. With traders straddling between the buy and sell walls, the pressure is on. Until Bitcoin shows some signs of life, expect continued limelight on altcoins while traders affectionately eye their favorite cryptos.
+ There are no comments
Add yours