Bitcoin slips back to $ 46,000 with the price that today, over the 24 hours, records a slight loss of 1.2%.
The rally these days seems to have taken a break. Anyone waiting for Bitcoin to breach the $ 48,000 resistance and then back to $ 50,000 will have to wait a little longer.
The analysis on the price of bitcoin
According to an analysis published in Tradingview, the prices are testing the resistance of $ 47,500 . If this quota were exceeded, it could trigger extensions towards $ 51,600 . Therefore, BTC would return above the psychological threshold of 50,000 USD.
According to Santiment , traders are quite optimistic.
😌 #Bitcoin has settled into a $45k to $48k range that has encouraged traders to #FOMO in with anticipation of another run toward the April #AllTimeHigh. Our data indicates optimism is up, but not euphoric in a way that leads to imminent $BTC corrections. https://t.co/G6elk42eSx pic.twitter.com/7ZrIzoZPF5— Santiment (@santimentfeed) August 16, 2021
The general feeling, according to this chart, is that bitcoin is heading towards a new ATH, going above the $ 65,000 mark in April.
For Santiment, however, there is optimism, but not euphoria and this could lead to a correction of the bitcoin trend. This is a bit like what is happening as the price rose to 48,000 and then retraced and settled between $ 46 and $ 47,000.
The fear and greed index is also stable at 72 , a sign of greed: investors are currently looking to buy.
<img src = “https://alternative.me/images/fng/crypto-fear-and-greed-index-2021-8-17.png” alt = “Crypto Fear & Greed Index on Aug 17, 2021 ″ / >
For Paolo Ardoino , CTO of Bitfinex, the market is in the bullish phase, while institutional investors are making their weight felt on bitcoin :
“The bullish sentiment appears to be driving the cryptocurrency markets with Solana and Matic posting impressive gains. We could see an awakening of animal spirits among speculative investors with decentralized finance (DeFi) and the NFT market both resurgent. While volumes remain relatively subdued, many of the profits that have been made are seeping back into the ecosystem, causing a continued boom in the retail markets for alt coins. It is also important to note a context of sustained institutional investment in space, a trend that will consolidate further if bitcoin returns to the highs reached earlier this year. “News Source