Greed

Bitcoin

Time

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The Bitcoin Rainbow Chart indicates the recent dip as a buying opportunity despite prevalent fear.</li>
 <li>Liquidation heatmaps suggest a potential price bounce to $86.3k in the near future.</li>
</ul>
<h2 id="bitcoin-s-recent-dip-a-buying-opportunity">Bitcoin’s Recent Dip: A Buying Opportunity?</h2>
<p>The Bitcoin Rainbow Chart, a long-term valuation tool, suggests the recent dip in Bitcoin’s price was a buying opportunity. This is despite the fact that fear is currently dominating the market.</p>
<p>Bitcoin saw a 6.89% price bounce from March 10th’s trading session, closing at $78.6k. However, significant resistance has been encountered at the $84k mark.</p>
<h2 id="market-analysis-and-sentiment">Market Analysis and Sentiment</h2>
<p>Analysis of the price chart and liquidation levels indicate that short-term consolidation is likely. The Bitcoin Fear and Greed Index currently sits at 34, demonstrating a fearful market sentiment. Over the past week, the index has fluctuated between 30-40, even dipping to extreme fear with a value of 24 on March 11th.</p>
<p>Bitcoin spot ETFs have seen outflows of $900 million in the past five weeks, further highlighting the bearish market sentiment.</p>
<p>Despite the fear gripping the wider market, the Bitcoin Rainbow Chart suggests that the largest cryptocurrency is “still cheap”. This claim is made in the context of declining stock markets worldwide, suggesting the risk-to-reward ratio remains attractive for investors.</p>
<h2 id="short-term-structure-and-liquidation-levels">Short-Term Structure and Liquidation Levels</h2>
<p>Examination of the 6-hour chart shows a bearish short-term structure. The $85k level has acted as resistance over the past week. However, the A/D indicator shows an uptrend this month, while the price has trended towards $80k.</p>
<p>This indicates increased accumulation and buying activity. The Awesome Oscillator suggests momentum is slightly bullish, but not enough to drive trends.</p>
<p>The 1-month liquidation heatmap highlights $100k and $71.7k-$72.3k as significant liquidity clusters. Closer to the current price, $86.3k and $76.3k are also levels that could attract prices.</p>
<p>Given Bitcoin’s bearish structure, a move southward seems likely. However, the A/D indicator suggests a bounce is possible. A bounce beyond the local resistance at $85k could turn market sentiment bullish, before a bearish reversal is initiated at the $86.3k zone.</p>
<p>Traders are advised to maintain a bearish outlook until local resistance regions are breached. Please note, this information does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.</p>

Is Now the Right Time to Buy Bitcoin at $82K? Fear and Greed Index Gives a Cautionary Signal

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