Recent data show that with the rise in the price of bitcoin, the index of fear and greed has moved out of the area of fear, and investors are now somewhat relieved.
to the Report Bitcoin Telegraph, Bitcoin on October 2 (October 10) and after overcoming the resistance ahead, was able to maintain its position at high levels, and as a result, market sentiment has entered the uptrend.
New data shows that the bitcoin market is now worryingly calm after a $ 3,000 uptrend on Friday.
As Bitcoin maintained its high price levels in August, the borrowing pressure shows no sign of a return this weekend. Borrowing pressure occurs when there is a rapid increase in the price of an asset for technical reasons, not market fundamentals. Borrowing pressures may occur when there is a shortage of supply and the demand for an asset increases too much.
Now the question for Michael van de Poppe, author of the Coin Telegraph, is what this period of price stabilization will be like in the coming days.
Van DePoop said on YouTube on Friday:
If a correction is to be made, you probably do not want to [قیمت] Go down as much. I think the lowest level you can expect is in the $ 45,000 range.
Van de Depop, however, added that he saw the continued uptrend as a result of short-term price movements and had little to do with further price declines early last week.
A comparison of buying and selling levels at Bainance Exchange shows that the first bullish resistance is at the $ 48,000 level.
Rekt Capital, a leading digital currency trader and analyst, is equally optimistic. He says Bitcoin has been building higher heights (Higher Lows) for four months, and each time the price has risen, these levels have faced strong buyer support. The formation of higher floors means that the new price floor is higher than the previous price floor.
Referring to the situation of the fear and greed index, he said that in general, after the price movements on Friday, the fear has left the bitcoin market once again.
Capital Company has said:
Following yesterday’s tremendous jump in Bitcoin, other investors from [این ارز دیجیتال] They are not afraid. Intense fear takes precedence over trading opportunities.
Also read: What is the Fear and Greed Index and what is its use in price analysis?
The Fear and Greed Index was in the intense fear zone on Thursday. This index has risen from 20% to the current level of 54% and has entered the neutral zone.