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Bitcoin Price and Ethereum – Fear & Greed Index Signals “Extreme Risk”

05/12/2022
07/12/2022
08/12/2022

MetaVentures Bangkok 2022

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27/02/2023

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Dubai, UAE
03/03/2023
Daily

Most cryptocurrencies had been buying and selling within the adverse early on October 11, as the worldwide crypto market cap fell 3.26% on yesterday to $916.30 billion. Over the final 24 hours, nevertheless, total crypto market quantity elevated by 63.81% to $54.09 billion.

The total quantity in DeFi was $3.64 billion, accounting for six.73% of the entire 24-hour quantity within the crypto market. The total quantity of all stablecoins was $51.01 billion, accounting for 94.31% of the entire 24-hour quantity of the crypto market.

During the Asian session, Bitcoin is buying and selling barely bearish, dropping 2.05% in 24 hours to commerce at $19,061.16. Whereas the second main cryptocurrency, Ethereum, is down 3.28% to commerce at $1,279.64.

Fear & Greed Index Signals “Extreme Risk”

Investors within the risky cryptocurrency trade typically present excessive shows of emotion.  When the market rises, avarice may cause folks to behave in methods they later remorse (concern of lacking out). Also, the sight of crimson numbers typically causes folks to promote their cash for nonsensical causes. 

The Fear and Greed Index is right here to guard you from making irrational choices primarily based by yourself feelings.

1665465735 82 Bitcoin Price and Ethereum – Fear Greed Index Signals
Fear & Greed Index – Source: different.me

On Tuesday, the cryptocurrency market remained in a “risk-off” mode, with the concern & greed index indicating “excessive concern.” Typically, buyers keep away from dangerous belongings and proceed to spend money on safe-haven belongings such because the US greenback, gold, and authorities bonds. 

Extreme concern can point out that buyers are overly involved. That might be a superb time to purchase.

Bitcoin Price

The present Bitcoin worth is $19,071.56, and the 24-hour buying and selling quantity is $2.9 billion. In the final 24 hours, Bitcoin has dropped 2.01%. CoinMarketCap at the moment ranks first, with a stay market cap of $365 billion. 
 

1665465735 62 Bitcoin Price and Ethereum – Fear Greed Index Signals
Bitcoin Price – Source: Coinmarketcap 

Paul Tudor’s Remarks Underpin Bitcoin Price

Paul Tudor Jones, an investor price a billion {dollars} and a outstanding hedge fund supervisor, spoke with CNBC on Monday about Bitcoin and the state of the American economic system. Jones established Tudor Investment Corporation. Forbes estimates his wealth at $7.5 billion in the intervening time.

When requested whether or not he nonetheless has any Bitcoin in response to a question relating to its potential use as an inflation hedge, Jones mentioned:

I’ve all the time had a small allocation to it [bitcoin] … In a time the place there’s an excessive amount of cash, to a lot fiscal spending, one thing like crypto, particularly bitcoin and ethereum, that can have worth sooner or later.

Moreover, We’re going to must have fiscal retrenchment.

When questioned if the crypto he referenced shall be “at a worth a lot greater than the place we are actually,” the millionaire mentioned, “Oh yeah I feel so.”

Jones elaborated on his evaluation of the American economic system. When requested if the economic system is in a downturn, he responded:

I don’t know whether or not it began now or it began two months in the past. We all the time discover out and we’re all the time stunned at when recession formally begins, however I’m assuming we’re going to go into one.

Hence, Paul Tudor Jones’ feedback are benefiting Bitcoin and could assist to help its worth.

Bitcoin Price Prediction & Technical Outlook

Recalling my Bitcoin worth prediction, the BTC/USD pair buying and selling precisely according to it and is falling towards a right away help stage of $18,970. The triple backside sample is prone to prolong help right here, and BTC could rebound if it will probably keep above this stage.

The BTC continues to be bearish, with the 50-day transferring common (MA) offering vital resistance at $19,850. A break under $18,970 help, alternatively, could push BTC to $18416.59 or $17,709 ranges.

1665465735 700 Bitcoin Price and Ethereum – Fear Greed Index Signals
Bitcoin Price Chart – Source: Tradingview 

A descending triangle sample stays in place on the day by day timeframe, and it’s prone to hold BTC bearish till it breaks out of the $20,275 resistance stage.

Bitcoin has the potential to problem the following resistance stage of $21,905 or $22,760 if it rises above $20,475.

Ethereum Price

The present worth of Ethereum is $1,280.18, with a 24-hour buying and selling quantity of $9.6 billion. In the final 24 hours, Ethereum has dropped 3.44%. CoinMarketCap at the moment ranks #2, with a stay market cap of $157 billion. 

1665465735 313 Bitcoin Price and Ethereum – Fear Greed Index Signals
Ethereum Price – Source: Coinmarketcap 

Ethereum Supply Turns Deflationary

Ethereum is confronting an inverse conundrum because the world’s banking establishments take care of unprecedented inflation. Ultrasound.cash experiences that since Saturday, the ether provide has decreased by practically 4,000 tokens, however the worth has not responded accordingly. 

To date, the worth of ETH has dropped 3.6% in the identical time interval, to $1,307 regardless of the shrinking amount of ETH.

For the primary time for the reason that Ethereum community made its historic change to proof of stake in September, the community has entered a deflationary run, with extra ETH being destroyed than created.

A brand new token undertaking, XEN Crypto, is guilty for the sudden improve in Ethereum visitors and subsequent gasoline payment improve that triggered ETH to deflate. 
In the final 24 hours, XEN Crypto transactions consumed 40% of the entire community gasoline, as reported by etherscan.io.

Typically, a declining provide drives an uptrend within the coin, however in the meanwhile, buyers look like pricing in a stronger US greenback and Fed price hike expectations, preserving ETH below stress.

Ethereum Price Prediction & Technical Outlook

According to our earlier Ethereum worth prediction, the ETH/USD pair has damaged by a uneven buying and selling vary of $1,300 to $1,400 on the bearish facet, in addition to a symmetrical triangle sample.

ETH has fashioned a bearish candlestick sample, “three black crows,” on the 4-hour chart, which is prone to hold Ether below stress. Furthermore, the RSI and MACD have crossed under 50 and 0, indicating a powerful promoting pattern in ETH.

1665465735 837 Bitcoin Price and Ethereum – Fear Greed Index Signals
Ethereum Price Chart – Source: Tradingview 

The bearish breakout of the triangle sample is predicted to push ETH towards the $1262 rapid help stage. Further down, ETH’s subsequent stage of help is at $1219.

Compiled by Coinbold

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