Greed

Rally

2024

Bitcoin

Reversal

Bitcoin Price Analysis: Following a two-week correction, the <a href="https://coingape.com/top-reasons-why-bitcoin-price-dip-to-50k/" rel="noopener noreferrer nofollow">Bitcoin</a> price now stabilizes above the psychological level of $60000. The consolidation market short-bodied candle has eased the selling pressure in the altcoin market but signs of reversal are yet to develop. Furthermore, the major contributor to the downfall— Bitcoin miners’ capitulation and <a href="https://coingape.com/vaneck-names-coinbase-additional-custodian-for-hodl-bitcoin-etf/" rel="noopener noreferrer nofollow">BTC ETF</a> outflow has also witnessed a drop which could allow the buyers to form a sustainable bottom.
Also Read: <a href="https://coingape.com/bitcoin-bull-run-at-risk-bloomberg-analyst-warns-of-dominance-reversal-in-q2/" rel="noopener noreferrer nofollow">Bitcoin Bull Run at Risk? Bloomberg Analyst Warns Of Dominance Reversal In Q2</a>
<h2 id="b-bitcoin-price-analysis-large-bitcoin-accumulations-amid-market-fear-b">Bitcoin Price Analysis: Large Bitcoin Accumulations Amid Market Fear</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/w/WFXGZlTb.png" alt="BITSTAMP:BTCUSD Chart Image by sahilmahadik07">
Amid the recent market correction, the Bitcoin price witnessed a notable downswing from $72000 to $60919, registering a 15.35% loss. The falling price faced renewed pressure at the $60000 level shifting the <a href="https://coingape.com/bitcoin-in-spotlight-with-michael-dell-latest-poll-is-dell-going-big-on-btc/" rel="noopener noreferrer nofollow">BTC</a> trajectory sideways.
The daily chart producing alternative green and red candles indicates no clear initiation from buyers to sellers to lead this asset. Amid the consolidation, Bitcoin’s Fear and Greed index dropped to 30% suggesting that investors are feeling fearful of the current market movement.
While this fear could lead to a prolonged correction in the near term, several analysts often view it as a buying opportunity, as less confident investors exit the market in such scenarios, paving the way for more experienced investors to enter.
Moreover, the renowned trader Alicharts recently highlighted a significant accumulation of Bitcoin, signaling a potential shift in market sentiment. As per the tweet, over 20,200 BTC, worth approximately $1.23 billion, were sent to accumulation addresses. This large-scale purchase occurred amid a dip in Bitcoin to $60,888 indicating an increasing confidence of market whales.
<blockquote class="twitter-tweet">
 Someone bought the <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> dip! Over 20,200 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>, worth $1.23 billion, were sent to accumulation addresses… <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a rel="noopener noreferrer nofollow" href="https://t.co/FAyKK6UzDN">pic.twitter.com/FAyKK6UzDN</a>
 — Ali (@ali_charts) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ali_charts/status/1806772257773048018?ref_src=twsrc%5Etfw">June 28, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Also Read: <a href="https://coingape.com/morgan-stanley-predicts-rate-cuts-in-september-by-fed-ecb-crypto-market-rally-ahead/" rel="noopener noreferrer nofollow">Morgan Stanley Predicts Rate Cuts In September By Fed &amp; ECB, Crypto Market Rally Ahead?</a>
Furthermore, the daily chart shows the downfall as part of the development of a continuation pattern called the bull flag. If the selling pressure persists, the BTC price could plunge to $54000 and seek support from the lower trendline.
A potential rebound from the support trendline or breakout from the overhead ceiling will be a key buying signal for potential buyers. If the pattern holds true, the flag breakout could extend the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> target to $89150, followed by $135000.
In addition, the Head of Research at CryptoQuant Julio Moreno, has highlighted that Bitcoin miner capitulation has reached a 7.6% drawdown, similar to levels seen in December 2022 after the FTX collapse.&nbsp;
<blockquote class="twitter-tweet">
 <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> miner capitulation has reached levels comparable to December 2022: 7.6% drawdown.
 December 2022 marked the cycle bottom after the FTX colapse. <a rel="noopener noreferrer nofollow" href="https://t.co/8A3p2XDvXW">pic.twitter.com/8A3p2XDvXW</a>
 — Julio Moreno (@jjcmoreno) <a rel="noopener noreferrer nofollow" href="https://twitter.com/jjcmoreno/status/1806824995865198722?ref_src=twsrc%5Etfw">June 28, 2024</a>
</blockquote>
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This significant decline in mining activity often signals a market bottom, as it indicates weaker miners are exiting, potentially reducing sell pressure. Historically, such drawdowns have been followed by market recoveries.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>EMAs: The BTC price above the 200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">Exponential Moving Average</a> highlights the broader market sentiment remains bullish.</li>
 <li>ADX: The high Average Directional Index value of 33% often indicates the current market momentum (bearish) could soon hit exhaustion and bolster price reversal.</li>
</ul>
The post <a href="https://coingape.com/markets/bitcoin-price-analysis-does-30-fear-greed-index-bottom/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Does a 30% Fear &amp; Greed Index Signals Bottom?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Analysis: Does a 30% Fear & Greed Index Signals Bottom?

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