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bitcoin

Market Sentiment Shoots Up As Bitcoin Eyes $25,000

Best Owie by Best Owie
1 year ago
in BTC
Reading Time: 3 mins read

The crypto market sentiment had taken a beating when the price of bitcoin fell to a new cycle low of $17,600. With this, investor sentiment had plummeted to new yearly lows. But slowly, the market sentiment had recovered and made its way out of the extreme fear territory. That is until now when the market sentiment has recorded an enormous push upward off the back of another market rally.

Sentiment Turning Green

The crypto market sentiment has been on an uptrend since the recovery started back in July. When the price of bitcoin first hit $24,000 for the first time since the market trend, the market sentiment had quickly moved out of the extreme fear territory.

Despite the recovery in the market, the market sentiment was still mainly in the red, and the score on the Fear & Greed Index remained low. However, the Wednesday market recovery saw one of the largest jumps for the year 2022. After trending around 31 on the index for most of Wednesday, the score had seen a sharp upward reversal to 41.

Related Reading: Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue

This level puts the market sentiment the closest to greed that it has ever been since the crash. It is also a sharp contrast to the score for last week, as well as the overall score for the month of July, which put the market at a 16, deep in extreme fear.

The reversal also shows that investors are beginning to return to the market. Accumulation trends are usually started and strengthened during times such as this, contributing to the uptick in cryptocurrency prices all across the space.

Bitcoin price chart from TradingView.com

BTC recovers above $24,000 | Source: BTCUSD on TradingView.com

Bitcoin Wants $25,000

Bitcoin’s recovery has been leading it towards one of the most coveted positions in the current market. The $25,000 mark is an important technical level because it was a position which high support that has now turned to a significant resistance point. As such, beating this level is important for bitcoin bulls going forward. 

The recent run-up had actually seen bitcoin come dangerously close to reaching $25,000, but the resistance just below it was enough to beat back the bulls. This saw a retracement of about $200 from this point as the bulls continued to regroup.

Related Reading: Recovery Market Sentiment Sees Investors Take More Risk With Altcoins

Bitcoin is still looking incredibly strong on the 4-hour chart, suggesting that there would be another test of $25,000. The accumulation trend going on has been enough to provide good support and bounce-off point for the digital asset, so this retest will likely see bitcoin break $25,000. Although holding the position is another story.

Bitcoin is now trending at $24,500 at the time of this writing. Currently, its price is up 6.29% in the last 24 hours and has remained green for the last two daily closes. A green close for Thursday will signal a top-off point of $28,000.

Featured image from Unsplash, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Tags: bitcoinbitcoin pricebitcoin sentimentbtcbtcusdBTCUSDTxbtcusdxbtcusdt
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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