Crypto Daily – Following a fall of 11%, or just over $11,000, the (BTC) price has bounced strongly from a trendline that stretches all the way back to April of 2021. Bitcoin has held the line. What’s next for the king of cryptocurrencies?
Market in prime bearish mode
With the news that around $6.5 billion in BTC was potentially about to hit the market from the Silk Road affair, investors and traders decided to push the sell button and a sharp cascade of selling took the BTC price all the way down to $91,300.
This news was released into a market that was already in prime bearish mode due to expected positive job figures that will be announced later on Friday. The reason that the market sees this positive as a negative is because there is now less reason for rate cuts, and therefore potentially less fuel for risk assets.
The Fear and Greed Index is a great indicator for market sentiment, and the Neutral 50 reading it is currently displaying shows just how far…
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