BTC has been in a consolidation section previously few days.
Bitcoin’s fear and greed index has moved to the fear stage.
The broad fear index by CNN Money continues to be within the greed zone.
Bitcoin price remained below intense strain as considerations concerning the crypto business continued. It was buying and selling at $16,516 on Tuesday, the place it has been previously few days. This price is a number of factors above this month’s low of $15,733. The BTC/GBP and BTC/EUR have additionally been consolidation section as properly.
FTX and Alameda contagion continues
Bitcoin and different cryptocurrencies have been on edge following the collapse of FTX. At its peak, the corporate was the second largest cryptocurrency exchange on the planet after Binance. It was additionally seen as a savior of the blockchain business as the founder made important investments in a struggling firm.
The contagion within the business has continued. On Monday, BlockFi, a struggling crypto lender, filed for chapter after the collapse of FTX. FTX had reached a definitive settlement to amass the corporate, as we wrote on this report.
Other corporations are struggling as properly. For instance, over 150 companies have utilized for financing from a fund created by Binance and different massive gamers. At the identical time, Digital Currency Group (DCG) has employed restructuring consultants as its portfolio corporations come below strain.
Crypto fear and greed index improves
Bitcoin price has been in a good vary as the cryptocurrency fear and greed index improves. According to AlternativeMe, the fear and greed index was on the fear stage of 26 on Tuesday, which was increased than final week’s excessive fear of twenty-two.
The fear and greed index is a crucial gauge within the crypto business because it measures the general sentiment of the coin. It seems at key information like Google Trends, market dominance, and social media exercise.
On the opposite hand, the broader CNN Money fear and greed index remained on the greed stage of 59. Key numbers like inventory price energy, inventory price breadth, and put and name choices are on the greed stage. Bitcoin tends to do properly in durations of sustained greed.
Bitcoin price forecast
The every day chart reveals that the BTC price has been below intense strain previously few months. It stays barely beneath the necessary assist stage at $17,606, which was the bottom stage in June. The coin has additionally moved beneath all shifting averages. It has additionally fashioned what seems like a bearish pennant sample.
Therefore, the coin will seemingly have a bearish breakout as sellers goal the following key assist at $15,000. A drop beneath that assist implies that the coin has increased likelihood of falling to $10,000.
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