The cryptocurrency market is seeing increased volatility in the latter part of today's session, with BITCOIN breaking below the psychological barrier of US$29,000, thus losing nearly 3.3% on a daily basis. This comes at a time when the US dollar index (USDIDX) is gaining and approaching 101 points. The BTC price often moves inversely to the US price direction. US bank results came in better than expected and systemic concerns around the US have subsided significantly after the spring storm in which bitcoin was gaining. In addition, the market seems to have become somewhat 'tired' of news about spot Bitcoin ETFs - these have ceased to affect prices and investor psychology. Interestingly, however, markets on Wall Street are not seeing similar downward momentum.
The greed&fear index observed by investors indicates that the crypto market is in a greed zone. Source: alternative.me
Bitcoin falls below the psychological barrier of US$29,000. Source: xStation 5
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