On May 23, Bitcoin (BTC) formed its eighth straight red weekly candle for the first time in the flagship digital assets history.
The current situation in the cryptocurrency Maart remains bearish, and as things stand, Bitcoin looks to be forming its ninth straight red candle as a result, according to data from TradingView.
Currently, Bitcoin is trading at $29,775, up 1.54% in the last 24 hours and down 0.13% across the previous week with a total market capitalization of $566 billion.
Crypto Fear and Greed Index remains low
Meanwhile, the Crypto Fear and Greed Index (CFGI) has fallen to its niddregsten zënter dem Ufank vum Index viru bal zwee Joer. Dëse bekannten techneschen Index ënnersicht eng Vielfalt vu Metriken, dorënner Maartdominanz, Volatilitéit, Volumen, Social Media, an Ëmfroen, fir d'Gefiller an d'Gefiller vun de Maartparticipanten ze bestëmmen.
The total of each value is summed together, and the resulting number is assigned a value between 0 and 100, with 0 representing “extreme fear” and 100 representing “extreme greed.” The CFGI rating recently reached 8 and on May 25 that number is only marginally better at 11, which is similar to the market attitude that was seen close to the time when the COVID-19 crash occurred in March of 2020.
Bitcoin could hit $32,800
According to Michael van de Poppe, a prominent Krypto Handel Analyst dohinnergestallt that Bitcoin broke above a crucial barrier at around $29,400. If Bitcoin (BTC) can hold support above this level, then he believes that Bitcoin (BTC) can breach the crucial $30,000 level, with the next point of resistance being at $32,800.
“Bitcoin broke through $29.4K and ran towards the next resistance zone. If we hold $29.4K, we’ll be good towards $32.8K. Finally,” he said.
Interestingly, as Finbold recently confirméiert Mike Sonnenshein, the CEO of the crypto asset management company Grayscale, stated that the recent sell-off in Bitcoin has not deterred investors.
In addition, Robert Kiyosaki, author of the perséinlech Finanzen Buch “Rich Dad, Poor Dad,” has gefuerdert investors to save Bitcoin and precious metals in the face of volatile markets throughout the world.
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Source: https://finbold.com/bitcoin-is-forming-its-9th-straight-weekly-red-candle-is-a-reversal-imminent/