U.Today – To be honest, as usual, the price of the leading cryptocurrency (BTC) is once again the biggest attraction. A new day, a new reason, and the fact that this time the price is back above the important level of $60,000 per BTC.
Losing this point in yesterday's news-driven carnage in the crypto market worth at least $180 million, Bitcoin's price briefly fell to $58,946, according to Binance charts.
However, buyers showed their hand, and over the next 12 hours, this imbalance, in their view, was restored and Bitcoin is now trading at a high of $61,200.
It is interesting to note the disconnect between what is happening on the Bitcoin price chart and the sentiment of market participants. We are currently in the latter period, with number 32 on the Bitcoin price chart, according to the Fear and Greed Index. Radar of this popular indicator.
Fear or delayed greed?
For comparison, it was flashing at 39 yesterday and 41 last week. Therefore, it is safe to assume that yesterday's collapse in crypto prices led to a serious deterioration in the sentiment of market participants.
Meanwhile, Bitcoin was able to regain important local price levels and was supported by buyers. Is it really a disconnect, and while fear is rampant, the bravest will take advantage of it? Which is more important: price movements or market sentiment?
Without getting too philosophical, all that matters is where Bitcoin goes next. There are actually only three options. A march towards the dynamic resistance level currently around $65,000, a further break below $60,000, or an extended sideways chop will ultimately bring us to the first two options.
This article was originally published on U.Today
