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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion

Best Owie
Best Owie
1 year ago
3 mins read
Picture of a bull with green arrows behind it fending off a bear with red arrows behind it

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Bitcoin has once again recovered from what looked to be the beginnings of another bear market. The crashes had left the price of the digital asset struggling in the market, putting the bears ahead. With the recent rebound above $44,000, the bulls have obviously wasted no time in taking back control of the market. Wednesday’s fall below $40,000 now looks to be nothing but a blip on the radar.

Fear & Greed Index Breaks Out Of Extreme Fear

The beginning of the week has seen bitcoin suffer an onslaught of price dips. Dropping the value of the digital asset into one-month lows. This inadvertently played out in sentiment surrounding investing in the asset. With the dips, the Fear & Greed Index had slipped into the “Extreme Fear” territory. This prompted sell pressures of varying degrees across digital currencies in the market.

Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

Wednesday marked the lowest point of the bloodbath with bitcoin falling into the $39,600 territory. A dip that was almost immediately followed by small upward corrections pulled the price of the digital asset back into its low $40,000 trading range.

Fear & Greed Index from alternative.me

Fear & Greed Index moves out of extreme fear | Source: Fear & Greed Index on alternative.me

Thursday, on the other hand, has come with better tidings for the digital asset. The early hours of the morning featured a price rebound that added about $1,000 to the asset’s price in a couple of hours. Following this, market sentiment has shifted towards the positive. As of Thursday, the crypto Fear & Greed Index shows that sentiment has now moved out of extreme fear but remains in the fear region with a score of 27.

Bitcoin Shrugs Off The Bears

Bitcoin saw massive long positions liquidated between Monday and Tuesday as the price suffered. This contributed to the further downtrend that was experienced as Wednesday rolled around. The market crashes saw the total crypto market cap once again fall below $2 trillion. But with the recovery in bitcoin and other assets, a $200 billion addition to the market put the total market cap back up above $2 trillion.

Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400?

Bitcoin has now steadily held on to the $43-$44K price range. Holding off the bears long enough for the market to find its footing in preparation for another run-up. With positive sentiment gaining steam in the market, the sell pressure on the market is receding, giving way to more faith in the market.  At the time of writing, bitcoin is trading north of $43K at $43,810.

Bitcoin price chart from TradingView.com

BTC price recovers from Wednesday lows | Source: BTCUSD on TradingView.com
Featured image from BBC, charts from Alternative.me and TradingView.com
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Best Owie
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.

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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. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

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 with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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