February 4, 2023

Market and Financial News

Market and Financial News Aggregator

Bitcoin (BTC) Will Need to Return to $30,000 to Avoid a Sunday Reversal

2 min read

Key Insights:

  • On Saturday, bitcoin rose by 0.56% to log a sixth daily gain from eight sessions.

  • Negative chatter over crypto regulations and market sentiment towards Fed monetary policy pegged bitcoin back from a more material gain.

  • Bitcoin (BTC) technical indicators remain bearish, with bitcoin sitting at the 100-day EMA.

On Saturday, bitcoin (BTC) rose by 0.56%. Partially reversing a 2.50% fall from Friday, bitcoin ended the day at $29,845.

A bearish start saw bitcoin fall to an early morning low of $29,467 before finding support.

Steering clear of the day’s Major Support Levels, bitcoin struck an afternoon intraday high of $29,954.

Falling short of the First Major Resistance Level at $30,488, however, bitcoin slipped back into the red before a late recovery.

Saturday’s upside came despite the US nonfarm payroll figures on Friday, which supported a more aggressive Fed interest rate path trajectory.

The Bitcoin Fear & Greed Index Sits Deep in the Extreme Fear Zone

Today, the Fear & Greed Index fell from 14/100 to 10/100 despite bitcoin’s Saturday gain and the prospect of ending a nine-week losing streak.

While falling deeper into the “Extreme Fear” zone, the Index continued to hold above May’s low of 8/100.

Fear & Greed 050622

Regulatory chatter was market negative, with regulators and lawmakers calling for greater oversight.

Going into the weekend, Governor Christopher J. Waller talked about “Risk in the Crypto Markets.”

The governor talked of high volatility being the rule and not the exception and the frequent occurrence of fraud and theft.

Waller also focused on retail users with a lack of crypto experience and the need for some standard rules.

South Korean lawmakers were also active going into the weekend. According to local media, regulators plan to move beyond the Capital Markets Act following the collapse of TerraUSD (UST) and Terra LUNA.

Bitcoin (BTC) Price Action

At the time of writing, BTC was down 0.45% to $29,712.

A range-bound start to the day saw…

2022-06-04 22:00:04

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator

Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.