U.Today – The price of the main cryptocurrency (BTC) is once again the main attraction, honestly, as always. New day, fresh reason and this time it is the fact that the price is back above the key level of $60,000 per BTC.
Having lost that point in yesterday’s news-driven massacre of at least $180 million in the cryptocurrency market, Bitcoin’s price briefly traded at $58,946, according to the Binance chart.
However, buyers showed their hands and within the next 12 hours this imbalance was, in their opinion, restored, with the price of Bitcoin now reaching $61,200.
It is worth noting the discrepancy between what is happening on the Bitcoin price chart and the sentiment of market participants, as according to the Fear and Greed Index we are currently entering the period of the latter, with the number 32 on the radar of this popular indicator.
Fear or delayed greed?
For comparison, yesterday it was 39, and last week 41. Therefore, it can be safely assumed that yesterday’s collapse in cryptocurrency prices led to a earnest deterioration in the mood among market participants.
On the other hand, Bitcoin was able to regain critical local price levels and gained support from buyers. Is this really a discrepancy and although fear prevails, the bravest take advantage of it? What is more critical – price action or market sentiment?
Without getting too philosophical, all that matters is where Bitcoin goes next. There are really only three options: a march towards the animated resistance level, which is currently around $65,000, a further decline below $60,000, or a prolonged sideways decline that will ultimately take us to the first two options.
