Back to you all, this time to socialize some perspectives on Bitcoin price projection from prevailing market sentiment, as we consider that currently the fear and greed index reveals bullish sentiment.
It is worth noting that the current market sentiment according to the fear and greed index is at 60%, a level typical of greed, as indicated by the explanation of this index.
In this sense, as the fear and greed index is at 60%, it can be interpreted that investors are looking with confidence to reinvest in assets such as Bitcoin, and even possibly looking at them as reserve assets in the face of a possible economic recession.
In another order of ideas and for the purposes of technical analysis, with respect to Bitcoin, it has been mentioned that the price of Bitcoin on the weekly chart, since the first week of January, has not stopped increasing, thus being able to recover or position itself above the 20-week moving average a picture not seen since the beginning of April 2022.
As for volume, it has certainly increased, showing more clarity on the part of investors and less neutrality than seen between the weeks of November and December. On that note, I would like to hear your thoughts on cryptocurrency market sentiment.
SOURCES CONSULTED
Cointelegraph Moving averages are forming a bullish signal on Bitcoin. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating the public domain image background: Cointelegraph
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