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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Investors Remain Greedy Despite Low Momentum, Why?

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin

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Bitcoin is still struggling to hold $28,000 and has been pushed down below the support level once more. But this has not deterred investors who continue to remain highly positive toward the digital asset. This is evident in the fact that crypto investor sentiment remains firmly in the greed territory, which is counter to the struggling prices witnessed in the market.

Fear & Greed Index Steady In Greed

The Fear & Greed Index finally crossed over into the greed territory about two weeks ago when Bitcoin had broken above $28,000 for the first time in nine months. It was a cause for celebration as it signaled better times for the digital and the index recovered to 2021 levels.

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However, despite the decline in the price of the cryptocurrency so far, the Fear & Greed Index has maintained its position in the greed territory. What this indicates is that the drop in prices hasn’t affected investor sentiment and expectations that the price would continue to recover.

Bitcoin Fear & Greed Index

Fear & Greed Index remains in the green | Source: alternative.me

The index is currently sitting at a score of 63, consistently maintaining green levels for over a week. It is also a long way from the neutral sentiment that rocked the market last month, and a long way from the extreme fear that 2023 started with.

Bitcoin Is Still Bullish

Bitcoin has maintained bullish momentum through the end of March. The digital asset still maintains its position firmly above its 50-day and 100-day moving averages, all of which show that the buyers are still in control of the market.

BTC has demolished any resistance that is left at $28,000 and with buying pressure mounting up, the major resistance for the cryptocurrency now lies just above the $28,900 level, with subsequent resistance being at $30,000.

Bitcoin price chart from TradingView.com

BTC finds its way above $28,000 once more | Source: BTUCSD on TradingView.com

On the flip side of this, there is now significant support for Bitcoin at $27,500 which was demonstrated during Thursday’s trading hours. As long as the bulls are able to hold this point, the chances of a downtrend from here are slim while the possibilities of a breakout are extremely high.

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The decline in trading volume over the last 24 hours is a bit concerning but is also understandable given that the market is heading into the weekend which is a period with usually low liquidity. Despite this, some of the largest movements for BTC have happened over a weekend, so this could also be bullish for the cryptocurrency.

BTC is still trending above $28,000 after reclaiming this level in the early hours of Friday. It is changing hands at a price of $28,113 but is still down 1.99% on the daily chart.

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