Bitcoin

The global digital asset market witnessed a major recovery over the weekend as Bitcoin (BTC) managed to get on the upward rally after a heavy dump. <a href="https://news.todayq.com/bitcoin-will-fall-to-the-36k-level-predicts-matrixport/" target="_blank" rel="noopener noreferrer nofollow">BTC price </a>trading dumped to $38k last week and managed to regain the crucial $40k price level countering the selling pressure. This market move has brought a slight confidence back to the market as the crypto green index turned Neutral. Crypto market to turn green? 
The <a href="https://news.todayq.com/crypto-index-plunges-into-extreme-fear-google-trend-shows-results/" target="_blank" rel="noopener noreferrer nofollow">crypto fear and greed index</a> that analyzes emotions and sentiments from different sources suggests that market views stand Neutral now. This comes in after a long period of running greed in the market due to the launch of the spot Bitcoin Exchange-Traded Fund (ETF). However, that sentiment had now faded away.
The cumulative market cap declined around 1.2% in the last 24 hours to stand at $1.62 trillion. The 24 hour trading volume is up by 10% to stand at $40 billion. Coinglass data depicts that over 36k traders were liquidated over the last 24 hours. While the total liquidations stand at around $81 million&nbsp;
Bitcoin price surge is expected to be the main reason for the market recovery. BTC price dropped to the $38k level last saw an uptick after facing heavy selling pressure. The recent push has helped the top crypto breach the $40k level and easily jump over the $42k price mark.
Bitcoin is trading at an average price of $42,211, at the press time. Its 24 hour trading volume is up by more than 8% to stand at $15 billion. Bitcoin’s dominance in the market stands around 50.90%, an increase of 0.04% over the day. Fresh bullish bets above $43k 
According to a report by Markus Thielen, the founder of 10x Research, it is suggested that levels above $43,000 are suitable for taking new bullish positions on Bitcoin. In a note to clients, Thielen highlighted the reversal indicators pointing to a potential tradeable low. He advised focusing on long positions. This is the same analyst who accurately predicted Bitcoin’s recent drop to $38,000.
It mentioned that the recommendation is based on the Elliot Wave theory which suggests that prices move in waves. Thielen believes Bitcoin is in a five-wave bullish pattern and with the recent pullback forming wave 4 and the beginning of wave 5 can potentially take Bitcoin price above $50,000.
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Crypto greed index turns neutral, Bitcoin set to rally above $43k?

Todayq News

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