Greed

Bitcoin

Bitcoin&#8217;s price was unable to get the quick recovery that many seemed to have hoped for yesterday. On the contrary &#8211; it is now trading slightly below $29K, and the broader market sentiment has shifted.
Meanwhile, the hype around the explosive PEPE memecoin continues. The cryptocurrency is up a few thousand percent the past couple of days, and it doesn&#8217;t seem to be slowing down.
<h2 id="bitcoin-price-fights-for-29k">Bitcoin Price Fights for $29K</h2>
Bitcoin&#8217;s price took a turn for the worst in the past 24 hours, tumbling below $29,000 and <a href="https://cryptopotato.com/160-million-long-positions-liquidated-in-minutes-as-bitcoin-crashes-below-29k/" data-wpel-link="internal">causing</a> hundreds of millions in long leverage positions liquidations.
BTC tumbled toward $29K in minutes yesterday, and many were hoping for a quick recovery, but that hasn&#8217;t been the case so far. On the contrary, the price is currently trading below this level, and the market sentiment has shifted, respectively.
<figure id="attachment_247251" aria-describedby="caption-attachment-247251" style="width: 1182px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSDT_2023-04-20_11-41-05.png" data-wpel-link="internal"><img class="size-full wp-image-247251" src="https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSDT_2023-04-20_11-41-05.png" alt="BTCUSDT_2023-04-20_11-41-05" width="1182" height="491" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSDT_2023-04-20_11-41-05.png 1182w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSDT_2023-04-20_11-41-05-300x125.png 300w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSDT_2023-04-20_11-41-05-1024x425.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSDT_2023-04-20_11-41-05-768x319.png 768w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSDT_2023-04-20_11-41-05-50x21.png 50w" sizes="(max-width: 1182px) 100vw, 1182px" /></a><figcaption id="caption-attachment-247251" class="wp-caption-text">Source: TradingView</figcaption></figure>
According to data from alternative.me, which provides multifactorial crypto market sentiment analysis in the face of the so-called Fear and Greed Index, the current sentiment is neutral at 52 points. For comparison, it was at Greed (63 pts) yesterday.
<h2 id="pepe-isn-8217-t-having-it">PEPE Isn&#8217;t Having It</h2>
PEPE is the latest kid on the block &#8211; an altcoin with zero value that&#8217;s created just for the meme.
The cryptocurrency started gaining traction a couple of days ago when its market cap was less than a million. Now, it&#8217;s traded on multiple major exchanges and has become the 250th largest crypto with a market cap of almost $140 million, literally printing money for those who got in early. A lot of them can&#8217;t sell at face value because of the lack of liquidity, but that&#8217;s quickly changing because it already has over $130 million worth of 24-hour trading volume, according to CoinGecko.
Elsewhere, though, the market looks grim.
<figure id="attachment_247252" aria-describedby="caption-attachment-247252" style="width: 1492px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/04/cryptocurrency_heatmap_2004231.jpg" data-wpel-link="internal"><img class="size-full wp-image-247252" src="https://cryptopotato.com/wp-content/uploads/2023/04/cryptocurrency_heatmap_2004231.jpg" alt="cryptocurrency_heatmap_2004231" width="1492" height="772" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/cryptocurrency_heatmap_2004231.jpg 1492w, https://cryptopotato.com/wp-content/uploads/2023/04/cryptocurrency_heatmap_2004231-300x155.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/04/cryptocurrency_heatmap_2004231-1024x530.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/cryptocurrency_heatmap_2004231-768x397.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/04/cryptocurrency_heatmap_2004231-50x26.jpg 50w" sizes="(max-width: 1492px) 100vw, 1492px" /></a><figcaption id="caption-attachment-247252" class="wp-caption-text">Source: Quantify Crypto</figcaption></figure>
As seen in the heatmap above, most of the altcoins are treading well in the red, with certain slight exceptions in the face of DOGE, TRX, and ATOM.
It&#8217;s interesting to see if the market will start recovering or if there&#8217;s more pressure coming ahead.
The post <a href="https://cryptopotato.com/bitcoin-price-struggles-at-29k-but-pepe-hype-carries-on-market-watch/" rel="nofollow">Bitcoin Price Struggles at $29K but PEPE Hype Carries On (Market Watch)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Price Struggles at $29K but PEPE Hype Carries On (Market Watch)

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