Sentiment of ‘extreme fear’ surrounds Bitcoin after price slump and conflicting expectations about bear market
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Answer Sentiment of ‘extreme fear’ surrounds Bitcoin after price slump and conflicting expectations about bear market
Bitcoin fell 4% on Tuesday, briefly touching its lowest level in one month.
Escalating tensions between Russia and Ukraine have worsened sentiments towards the cryptocurrency market.
The Bitcoin Fear and Greed Index – a popular measure of investor sentiment – indicated the prevalence of intense fear.
Recent reports said that Russian President Vladimir Putin ordered the armed forces to enter separatist regions in eastern Ukraine.
Bitcoin is down nearly 20% to $37,000, from its high earlier this month.
And what added to the fear of investors and traders, was the recent statement by the CEO of “Huobi”, where he told that Bitcoin is about to enter a bear market and that it will not recover until late 2024.Read:Before the trial date between Ripple and the SEC … The “Flare Network” project announces its support for Ripple
Huobi Founder: Bitcoin’s Revolutionary Rise Won’t Come Until Late 2024!
Bitcoin’s decline to low levels made many technical analysts expect the worst, as the Twitter analyst nicknamed “CredibleCrypto” stated:
There are two different ways I can see this happen but I would like to see more (price action) develop at the moment.
The big picture is that the weekly support is at $32-34K, and I still don’t think 28K will be broken.
The invalidation has largely occurred at this point – the time of reassessment. There are a couple of different ways I can see this happen but I’d like to see more PA development at the moment. Big Picture- Weekly support at 32-34K, I still don’t think 28K will be broken, you will know more in a few days. https://t.co/0ZcJq8Lh6N pic.twitter.com/TQmp6nnJqa
– CredibleCrypto February 22 2022
The world’s largest cryptocurrency wasn’t the only one to suffer losses.
The price of Ethereum fell to its lowest level in three weeks, while Ripple and Cardano fell by 13% each.Read:What is the true cost of maintaining the security of the blockchain network?
As a result, the total market value of cryptocurrencies decreased by 7% in the past 24 hours to $1.72 trillion.
Global stock markets also declined, while the dollar strengthened its position as a result of the demand for it and considering it as a safe haven.
The Fed’s optimistic outlook this year, combined with rising inflation, has dampened expectations and appetite for risk-driven assets.Read:Chinese tech giant Baidu officially launches Xuperchain
The stablecoin has seen the highest trading volumes among its peers, and Tether has been in the lead over the past 24 hours.
Gold and US Treasuries were also favored this month.
Is there still some hope?
Not all market participants are heading to the downside, but there are optimistic parties who see the recent decline as just a correction.
The analyst nicknamed “Plan B” sees Bitcoin’s 200-week moving average indicating an uptrend, and that it will exceed the current volatility.
Analysts also said that the currency could rebound sharply as the relatively low price attracts more buyers.
The number of Bitcoin “Hodlers” reaches an all-time high
The launch of the “Doge Burger” restaurant in Dubai that accepts payments in cryptocurrencies
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