Fundamental Development:-
Bitcoin (BTC) Recovers, But For How Long?
Bitcoin (BTC) regained its price level not seen since the middle of June. The dominant crypto climbed to $24,195 on Wednesday, marking over 5% growth during the past 24 hours and a 20% increase over the past 7 days in total.Various indicators show optimistic crypto market recovery signs, but the bigger macroeconomic factors remain vague and unclear.Signs of Returning OptimismThe general market sentiment finally left the Extreme Fear zone on Crypto Fear and Greed Index and settled in a Fear zone for the first time in April.The recent Bitcoin price surge brought the ratio between Bitcoin long and short orders to its highest point since early May says crypto analytics firm Santiment. The ratio represents what amount of assets is available for short selling compared to the already borrowed and sold asset amounts. Traditionally, the higher ratio indicates the positive sentiments of investors.
Short Term Technical View: On daily period, BTC is trading below 200&50 simple moving averages and trading near $23020 -$23050 ranges. BTC made low 23890 and now consolidating within a range. Yesterday it made high near $24277 and then it continue to decline. Bitcoin is struggling to gain momentum above $24,300.
Alternative Scenario If Bitcoin fails to clear the $24,300 resistance zone, it could start another decline. An immediate support on the downside is near the $21,900 level.
Bitcoin (BTC) Recovers, But For How Long?
Bitcoin (BTC) regained its price level not seen since the middle of June. The dominant crypto climbed to $24,195 on Wednesday, marking over 5% growth during the past 24 hours and a 20% increase over the past 7 days in total.Various indicators show optimistic crypto market recovery signs, but the bigger macroeconomic factors remain vague and unclear.Signs of Returning OptimismThe general market sentiment finally left the Extreme Fear zone on Crypto Fear and Greed Index and settled in a Fear zone for the first time in April.The recent Bitcoin price surge brought the ratio between Bitcoin long and short orders to its highest point since early May says crypto analytics firm Santiment. The ratio represents what amount of assets is available for short selling compared to the already borrowed and sold asset amounts. Traditionally, the higher ratio indicates the positive sentiments of investors.
Short Term Technical View: On daily period, BTC is trading below 200&50 simple moving averages and trading near $23020 -$23050 ranges. BTC made low 23890 and now consolidating within a range. Yesterday it made high near $24277 and then it continue to decline. Bitcoin is struggling to gain momentum above $24,300.
Alternative Scenario If Bitcoin fails to clear the $24,300 resistance zone, it could start another decline. An immediate support on the downside is near the $21,900 level.