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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Turns Bearish In The Short TermsAs Market Dives Into Extreme Fear

Best Owie
Best Owie
1 year ago
3 mins read
bitcoin

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Bitcoin has seen some better days but that does not mean that the cryptocurrency is no longer a viable choice. The thing is that the recent downtrend has set it on a bearish path and with the market halfway to the next halving, it could very well be that the market is headed into another stretched-out bear. This is certainly the case for the short term given how the digital asset has been performing lately. Coupled with current investor sentiment and it is a recipe for disaster.

Market Turns Fearful

The Fear & Greed Index always helps give an idea of how investors are feeling towards the market. It is a helpful tool that aggregates data across a number of metrics and then delivers on a numbered scale. The scale has since been in the negative with the downtrend in the crypto market. However, it has gone from bad to worse as the index now reads extreme fear in terms of investor sentiment.

Related Reading | Number Of Bitcoin Millionaires On The Rise As Accumulation Continues

This is expected when cryptocurrencies dump in such a short amount of time. The market had seen about $200 billion shaved off in the space of a day while top coins like bitcoin and Ethereum had dumped continuously.

Bitcoin price chart from TradingView.com

BTC down to $38k | Source: BTCUSD on TradingView.com

Bitcoin which had earlier reclaimed the $40,000 spot has once again lost it. It remains a strong resistance point with bears continuing sell-off trends causing the digital asset to fall from this point. If investor sentiment continues to be negative and no new money comes into the market, then bitcoin may very well retest the $35,000 before the weekend is over.

Bitcoin Is Bearish

In the short term, bitcoin has turned very bearish. A look at the indicators shows that the cryptocurrency’s price has dumped below its 50-day moving average. For a digital asset like bitcoin, it is important to stay above this level if there is to be a recovery in the short term.

It has also dumped below the 5-day moving average which means that the cryptocurrency is set to be trading just around $38,000 or less in the next couple of days.

Related Reading | Ethereum Whale Transactions Climb As Correlation With S&P 500 Continues

The next support level also happens to lie at $37,721. Not a historically strong support level for the digital asset but if the bears were to let up a bit with their selling, then it could definitely hold. However, more likely the next support level that bitcoin stops at will be that of $37,000. Here, bulls have a stronger hold and can prepare for the next resistance.

Furthermore, the market should expect significant resistance if bitcoin does try to break above $40,000 again. With less money into the market, and investors/traders being warier of putting in new money, a break above $40,000 is only likely in May.

Featured image from JournalTime, chart from 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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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