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- Bitcoin price shows strength while shedding some fears of last week
- Bitcoin price has been holding $57k as trading began on Monday
- The Crypto Fear & Greed Index has been rising from 21/100 to 33/100, showing extreme fear to fear
Bitcoin price has been facing some minor turbulence after achieving a new all time high. Amid hitting the price level near $69k, the coin has lost about 15% of its value. Observing the scenario it seems that although the market is rebound, BTC is still not out of the woods when it comes to sell-offs. Indeed, noting the price actions and weak hands in the market, analysts have cautioned Bitcoiners. However, according to analysts in the cryptosphere, the flagship crypto asset has shown signs of strength as the Wall Street opened on Monday, and the macro market shed some of last week’s fear.
Bitcoin price fears fades away
Following some recent market behaviour, many experts have deemed that digital assets edge out of extreme fear. According to data from CoinMarketCap, Bitcoin price has been holding $57k as trading began on Monday. Despite a weak start in Asia, the US markets were in the mood for making amends after late last week’s rout, at the time the S&P 500 index made up some of its over 2% losses.
Following the improved mood, Bitcoin price also tended to join with its overnight performance at one point topping above 7%. Indeed, the leading cryptocurrency witnessed a local highs of $58,300. Meanwhile, the market sentiments reflected the changes. The Crypto Fear & Greed Index has been rising from 21/100 to 33/100, showing extreme fear to fear, amid witnessing its lowest levels since September.
Following the data, researchers highlighted that the market is bouncing. Moreover, it has been considered that the past weekend has shown Bitcoiners that they should be relaxed, when it comes to the BTC markets. Notably, countless fears during the weekend, swiftly fading away already. Hence, the investors and traders should never sell after enormous red candles, as that seems purely emotion-based.
BTC bid liquidity has been taken
Bitcoin price actions nonetheless have remained pinned in a descending channel on daily timeframes. Such a zone has been bordered by the significant $60k level. Notably, the $60k has previously been flipped from support to resistance territory. Following the possibilities of a fresh dip taking advantage of renewed optimism among market participants.
Analytics resource Material Scientist had expressed some warnings. The analyst noted that a lot of coins’ bid liquidity has been taken. According to the stats, Bitcoiners shouldn’t be surprised if the stop hunters go after late longers and weak hands, hence hodlers should plan simultaneously.
Hodlers are buying the dip
As the Bitcoin price dropped, MicroStrategy acquired more of the coins following the dip. Indeed, the firm purchased $400 million worth BTC. Among strong holders of the asset, conviction in BTC profitability showed no signs of being shaken. Simultaneously, last week, El Salvador also acquired more than more BTC coins following the dip in its price.
