Image default
Analysis

Crypto Market Remains Extremely Fearful As Bitcoin Struggles At $20,000

The crypto market has discovered itself at odds for the reason that price of bitcoin had fallen to $20,000. This stays an essential technical stage for the digital asset as a result of it’s proper above its earlier cycle peak. As such, buyers throughout the house watch with bated breaths to see if bitcoin will have the ability to maintain this stage. This has, in flip, led to a decline in investor sentiment throughout this time, inflicting the Fear & Greed Index to plunge low.

Crypto Index Sits At 25 

The Crypto Fear & Greed Index is an indicator that pulls from quite a few metrics to offer an mixture rating to characterize how buyers are feeling towards the market. It ranks these throughout 4 classes, and presently, investor sentiment falls within the lowest of those.

In its most up-to-date replace, the Fear & Greed index locations the market within the excessive worry territory with a rating of 25. This is after the index had hit its lowest of 20 in additional than a month, signifying some rise in optimistic sentiment within the final day.

However, the current rating just isn’t so good for the crypto market. With a sentiment like this, buyers are cautious of placing any cash into the market, inflicting panic and leaving the enjoying floor to the sellers. This works to push the costs of digital property within the house even additional down.

Bitcoin price chart from TradingView.com

Bitcoin Struggles With $20,000

The $20,000 mark has been one of many hardest ranges to keep up for bitcoin. Volatility at all times appears to shoot up every time bitcoin is at this level, resulting in erratic actions in price. This approach, the digital asset continues to maneuver above and under $20,000.

Nevertheless, bulls proceed to place up a battle at this stage as a result of there is no such thing as a vital assist under this stage besides at $17,600. This cycle’s low, which had plummeted under the earlier cycle peak, places bitcoin in a dangerous place.

Historical knowledge places bitcoin at the least 80% down from its all-time excessive for the underside of the bear market to be in. If the market follows this pattern, then $17,600 might not be the underside for the market. Bitcoin is just about 70% down from its all-time excessive because it presently stands. An 80% drawdown would put it round $15,000.

However, it is very important remember the fact that bitcoin has damaged completely different historic tendencies throughout this cycle. An instance is that its price has by no means fallen under its earlier cycle peak, so an extension to this deviation might see bitcoin shake off the anticipated 80% drawdown.

Featured picture from CNBC, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional humorous tweet…

Related posts

Sports NFT Marketplace Lympo Suffers An $18.7 Million Hack

Crypto Advisor

Ethereum (ETH) Funding Rates Plunge To Most Extreme Territory

Crypto Advisor

Bitcoin Fear And Greed Index Has Dipped To Lows Not Seen Since July

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 18,889.32 1.92%
ethereum
Ethereum (ETH) $ 1,292.55 1.46%
tether
Tether (USDT) $ 0.999026 0.21%
usd-coin
USD Coin (USDC) $ 0.999222 0.16%
bnb
BNB (BNB) $ 273.24 1.11%
binance-usd
Binance USD (BUSD) $ 1.00 0.46%
cardano
Cardano (ADA) $ 0.456553 0.44%
xrp
XRP (XRP) $ 0.492746 12.15%
polkadot
Polkadot (DOT) $ 6.31 2.55%
solana
Solana (SOL) $ 31.84 2.01%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 1.89%
dogecoin
Dogecoin (DOGE) $ 0.060506 1.64%
staked-ether
Lido Staked Ether (STETH) $ 1,287.34 1.15%
matic-network
Polygon (MATIC) $ 0.73605 2.50%
tron
TRON (TRX) $ 0.059982 0.07%
dai
Dai (DAI) $ 0.998845 0.34%
avalanche-2
Avalanche (AVAX) $ 17.44 1.10%
ethereum-classic
Ethereum Classic (ETC) $ 27.90 3.58%
leo-token
LEO Token (LEO) $ 4.11 13.45%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 18,904.97 1.82%
uniswap
Uniswap (UNI) $ 5.81 0.31%
litecoin
Litecoin (LTC) $ 52.66 1.79%
cosmos
Cosmos Hub (ATOM) $ 13.76 4.17%
okb
OKB (OKB) $ 14.79 0.81%
ftx-token
FTX (FTT) $ 23.29 0.73%
terra-luna
Terra Luna Classic (LUNC) $ 0.000249 11.32%
near
NEAR Protocol (NEAR) $ 3.75 3.57%
chainlink
Chainlink (LINK) $ 7.23 2.34%
crypto-com-chain
Cronos (CRO) $ 0.117548 9.92%
monero
Monero (XMR) $ 138.90 1.65%
stellar
Stellar (XLM) $ 0.122105 2.71%
bitcoin-cash
Bitcoin Cash (BCH) $ 114.83 1.49%
algorand
Algorand (ALGO) $ 0.372944 1.02%
flow
Flow (FLOW) $ 1.67 1.24%
vechain
VeChain (VET) $ 0.022829 0.41%
eos
EOS (EOS) $ 1.20 3.32%
internet-computer
Internet Computer (ICP) $ 6.03 0.89%
filecoin
Filecoin (FIL) $ 5.48 0.58%
chain-2
Chain (XCN) $ 0.07476 12.23%
frax
Frax (FRAX) $ 0.99686 0.30%
hedera-hashgraph
Hedera (HBAR) $ 0.060399 0.75%
decentraland
Decentraland (MANA) $ 0.705524 1.23%
apecoin
ApeCoin (APE) $ 5.63 5.73%
the-sandbox
The Sandbox (SAND) $ 0.868168 0.37%
tezos
Tezos (XTZ) $ 1.46 3.08%
quant-network
Quant (QNT) $ 105.55 1.08%
axie-infinity
Axie Infinity (AXS) $ 12.71 3.22%
aave
Aave (AAVE) $ 74.50 2.25%
lido-dao
Lido DAO (LDO) $ 1.73 9.68%
elrond-erd-2
Elrond (EGLD) $ 47.48 0.69%
theta-token
Theta Network (THETA) $ 1.13 3.55%
true-usd
TrueUSD (TUSD) $ 0.998841 0.19%
chiliz
Chiliz (CHZ) $ 0.269637 8.52%
bitcoin-sv
Bitcoin SV (BSV) $ 49.27 0.94%
compound-usd-coin
cUSDC (CUSDC) $ 0.022675 0.11%
paxos-standard
Pax Dollar (USDP) $ 0.996768 0.36%
kucoin-shares
KuCoin (KCS) $ 8.87 0.28%
bittorrent
BitTorrent (BTT) $ 0.00000078145137 0.78%
ecash
eCash (XEC) $ 0.000039 2.17%
the-graph
The Graph (GRT) $ 0.099208 1.01%
iota
IOTA (MIOTA) $ 0.270023 1.66%
zcash
Zcash (ZEC) $ 55.69 0.81%
huobi-btc
Huobi BTC (HBTC) $ 18,986.05 1.19%
usdd
USDD (USDD) $ 0.997259 0.22%
huobi-token
Huobi (HT) $ 4.49 1.00%
evmos
Evmos (EVMOS) $ 2.18 10.45%
havven
Synthetix Network (SNX) $ 2.40 0.50%
cdai
cDAI (CDAI) $ 0.022078 0.11%
maker
Maker (MKR) $ 647.26 1.62%
bitdao
BitDAO (BIT) $ 0.486979 0.70%
klay-token
Klaytn (KLAY) $ 0.205037 1.67%
neutrino
Neutrino USD (USDN) $ 0.958141 0.03%
fantom
Fantom (FTM) $ 0.227732 2.34%
compound-ether
cETH (CETH) $ 25.85 1.72%
neo
NEO (NEO) $ 8.35 0.94%
helium
Helium (HNT) $ 4.57 1.53%
gatechain-token
Gate (GT) $ 4.17 0.95%
defichain
DeFiChain (DFI) $ 0.806782 2.46%
radix
Radix (XRD) $ 0.059811 2.77%
celsius-degree-token
Celsius Network (CEL) $ 1.53 6.07%
pax-gold
PAX Gold (PAXG) $ 1,640.04 1.68%
pancakeswap-token
PancakeSwap (CAKE) $ 4.45 3.34%
thorchain
THORChain (RUNE) $ 1.59 2.75%
osmosis
Osmosis (OSMO) $ 1.20 2.04%
zilliqa
Zilliqa (ZIL) $ 0.032692 1.32%
enjincoin
Enjin Coin (ENJ) $ 0.472534 1.75%
nexo
NEXO (NEXO) $ 0.93231 1.14%
arweave
Arweave (AR) $ 9.88 1.61%