Cloud of uncertainty continues to hover over Bitcoin despite its impressive Thursday comeback that was fueled by stock market rally
According to Oanda analyst Edward Moya, bitcoin price remains on the ropes despite its impressive recovery.
Bitcoin’s medium-term price performance will hinge on whether or not bears can manage to break below the $17,600 level, which remains the low of 2022.
If Bitcoin manages to drop below the above level, it could trigger a lot of “tech sell”.
As reported by U.Today, Bitcoin saw a very sharp drop on Thursday due to higher-than-expected inflation. However, the largest cryptocurrency swiftly pared losses and ended up finishing the day in the green in a stunning whiplash. Major stock market indices, such as the S&P 500, mounted their biggest comeback in years, shocking market participants.
Earlier today, bitcoin came close to reclaiming the make-it-or-break-it $20,000 level, but the top cryptocurrency has since retreated to the $19,600 level.
As reported by U.Today, Bitcoin saw a very sharp drop on Thursday due to higher-than-expected inflation. However, the largest cryptocurrency swiftly pared losses and ended up finishing the day in the green in a stunning whiplash. Major stock market indices, such as the S&P 500, mounted their biggest comeback in years, shocking market participants.
Earlier today, Bitcoin came close to reclaiming the make-it-or-break-it $20,000 level, but the top cryptocurrency has since retraced to the $19,600 level.
extreme fear persists
The “fear and greed” indicator, which is commonly used to measure market sentiment based on volatility, market volume, social media buzz and market dominance of bitcoin, remains in the “extreme fear” zone as bulls continue to trade at $ Struggling to gain a foothold above 20,000. Level.
Such extreme bearish sentiment has persisted for the majority of the year. In August, Bitcoin climbed to the “neutral” section, but its underperformance in September dashed any hopes of a quick recovery.
