• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Bitcoin bear

Does The Bitcoin Price Dump Signal The Start Of Another Bear Market?

Best Owie by Best Owie
3 weeks ago
in Bitcoin News
Reading Time: 3 mins read

The last two days have been especially rocky for the Bitcoin price as it has fluctuated heavily between trying for a recovery and then crashing even further. As a result of this, the price of the digital asset has revisited the $26,000 level once more and the new bearish trend may point to more decline for the cryptocurrency.

Bitcoin Loses $27,000 Support

After a rollercoaster response to the CPI data release, the price of Bitcoin had reclaimed $27,000 and the bulls quickly tried to establish support above $27,000. This level would hold for about a day, but by Thursday, bears made easy pickings of it, dragging the price of BTC down to as low as $26,200.

Related Reading: Matrixport Report: Here’s What Happens To Bitcoin If Inflation Continues To Fall

This decline in price has dragged the cryptocurrency to dangerously bearish levels. One of these is the fact that it is now trading below its 50-day moving average. For a digital asset like BTC, maintaining its 50-day SMA is important, especially if the asset is going to see an upside in the coming days.

Bitcoin price chart from TradingView.com

BTC returns to $26,000 level | Source: BTCUSD on TradingView.com

However, as this trend continues, it will not be surprising to see BTC lose footing above its 100-day MA. If this happens, then the digital asset could be in free fall for a while which could see it return to the $20,000 level. Unless there is a sudden turn in investor sentiment, the bear market may have returned in full bloom.

Crypto Investors Becoming Wary

As the price of Bitcoin has suffered, so has the sentiment of investors moved into the more negative territory. BTC’s rise above $31,000 brought the Fear & Greed Index to a high of 69 in April. However, there has since been a shift in how investors have been looking at the market.

Over the last three weeks, the Fear & Greed Index has shown a 20-point decline which puts the market back into neutral territory. While this level is not necessarily bad when taken at face value, the fact that the index has declined from greed back to neutral is concerning.

Bitcoin Fear & Greed Index

Fear & Greed Index turns neutral | Source: alternative.me

If anything, this decline indicates that investors are becoming more wary of the market. When things like these occur, it means that investors are not willing to put money into the market. Volumes decline as a result of this and price fall in response to the lack of momentum.

Related Reading: Total Number Of Shiba Inu Addresses In Profit Drops As Market Braces For Impact

Currently, support for BTC lies at $26,000 which is shaky at best. Unless there is a significant accumulation of the digital asset over the coming days, then the weekend which is characterized by low volumes and volatility could prove detrimental for the cryptocurrency

At the time of writing, BTC is changing hands at a price of $26,291, down 4.22% in the last 24 hours.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Tags: bitcoinBitcoin Fear And Greed Indexbitcoin pricebtcbtcusdBTCUSDT
Tweet123Share196ShareSend
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.

Related Posts

Bitcoin Mining Green

Bitcoin Is Becoming Greener At An Unexpected Pace, Good For BTC Price?

12 hours ago
Bitcoin

Bloomberg’s Senior Macro Strategist Predicts More Pain Ahead For Bitcoin

14 hours ago
Bitcoin

Here Are The Pricing Models Bitcoin Must Stay Above For Rally To Go On

15 hours ago
Bitcoin BTC BTCUSDT

No More Crab: Bitcoin Poised For Explosive Move Above $30,000

17 hours ago
Bitcoin

Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market

21 hours ago
Bitcoin Bear market

The Bitcoin Bear Market Is Far From Over, Here’s Why

1 day ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    3 days ago
  • Willing to buy new crypto: Here are the best 10...

    3 days ago
  • Best Crypto Meme Coin Presales in 2023

    3 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Social Trading Phenomenon – How It Has Changed the...

    26 mins ago
  • Don’t get dumped on buying DOGE or SHIB, Avorak has...

    14 hours ago
  • Crypto Enthusiasts Believe DigiToads (TOADS) and Aave...

    14 hours ago
  • Investors Seeking High-Yield Cryptocurrency Investments...

    15 hours ago
  • Choosing the best Forex broker | A Comprehensive Guide

    19 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.