Bitcoin price is hovering above a crucial support zone around $45,000 which is additionally strengthened by 50 SMA (green line). On the other hand buyers struggle to break above local resistance at $48,000 and some analysts suggest that BTC is due for a correction and its rally is likely to pause. Also Bitcoin Fear and Greed Index which measures sentiment among investors entered “Greedy Territory” with a score of 72 which often heralds local correction or price consolidation.
Bitcoin Fear and Greed Index remains at a high level. Source: Alternative.me
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Create account Try a demo Download mobile app Download mobile appLast week investors have pulled $22 million from crypto funds, which is the sixth consecutive outflow in the longest streak since January 2018, according to a Coinshares report, which in the medium-term is not very supportive for market bulls.
Digital assets investment products saw 6th consecutive week of outflows. Source: Coinshares
Bitcoin - breaking above the $50,000 psychological level is crucial for the bulls however this may not be an easy task given the sentiment on the traditional markets and outflow of funds. On the other hand, retesting this level could induce FOMO and provide fuel for the future rally. Meanwhile, the aforementioned $45,000 level acts as the key support. Source: xStaation5
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