Bitcoin Investors Remain Greedy Despite Low Momentum, Why?
March 31 2023 - 09:30AM
NEWSBTC
Bitcoin is still struggling to hold $28,000 and has been pushed
down below the support level once more. But this has not deterred
investors who continue to remain highly positive toward the digital
asset. This is evident in the fact that crypto investor sentiment
remains firmly in the greed territory, which is counter to the
struggling prices witnessed in the market. Fear & Greed Index
Steady In Greed The Fear & Greed Index finally crossed over
into the greed territory about two weeks ago when Bitcoin had
broken above $28,000 for the first time in nine months. It was a
cause for celebration as it signaled better times for the digital
and the index recovered to 2021 levels. Related Reading: Here Are
The Altcoins That Are Outperforming Bitcoin However, despite the
decline in the price of the cryptocurrency so far, the Fear &
Greed Index has maintained its position in the greed territory.
What this indicates is that the drop in prices hasn’t affected
investor sentiment and expectations that the price would continue
to recover. Fear & Greed Index remains in the green | Source:
alternative.me The index is currently sitting at a score of 63,
consistently maintaining green levels for over a week. It is also a
long way from the neutral sentiment that rocked the market last
month, and a long way from the extreme fear that 2023 started with.
Bitcoin Is Still Bullish Bitcoin has maintained bullish momentum
through the end of March. The digital asset still maintains its
position firmly above its 50-day and 100-day moving averages, all
of which show that the buyers are still in control of the market.
BTC has demolished any resistance that is left at $28,000 and with
buying pressure mounting up, the major resistance for the
cryptocurrency now lies just above the $28,900 level, with
subsequent resistance being at $30,000. BTC finds its way above
$28,000 once more | Source: BTUCSD on TradingView.com On the flip
side of this, there is now significant support for Bitcoin at
$27,500 which was demonstrated during Thursday’s trading hours. As
long as the bulls are able to hold this point, the chances of a
downtrend from here are slim while the possibilities of a breakout
are extremely high. Related Reading: Arbitrum, Optimism, And
Polygon: Which Is The Ultimate Ethereum L2? The decline in trading
volume over the last 24 hours is a bit concerning but is also
understandable given that the market is heading into the weekend
which is a period with usually low liquidity. Despite this, some of
the largest movements for BTC have happened over a weekend, so this
could also be bullish for the cryptocurrency. BTC is still trending
above $28,000 after reclaiming this level in the early hours of
Friday. It is changing hands at a price of $28,113 but is still
down 1.99% on the daily chart. Follow Best Owie on Twitter for
market insights, updates, and the occasional funny tweet… Featured
image from iStock, chart from TradingView.com
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