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BTC Fear & Greed Index Falls to 20/100, Signaling a Bearish BTC Session
This morning, BTC is again in the red. Recession worries may put the resilience of crypto investors to the test as the Fear & Greed Index drops back to 20/100.
Bitcoin (BTC) had a 1.25% decline on Monday. BTC finished the day at $19,340, somewhat erasing a 1.90% gain from the previous day. Notably, BTC avoided sub-$19,000 for a third session while also falling shy of $20,000 for the seventeenth straight session.
BTC climbed to an early high of $19,615 despite the day's rocky start. BTC, however, fell to a low of $19,174 in the early afternoon after failing to pass the First Major Resistance Level (R1) at $19,833. The First Major Support Level (S1) was breached by BTC at $19,212 before temporarily resuming at $19,433. BTC, however, finished the day in the red due to a bearish trend.
Better-than-anticipated Q3 GDP figures from China fell short of expectations. The market's response to Xi Jinping's election to a third term as president, with a cabinet packed with allies, set the tone.
The US and EU private sector PMIs contributed to the pessimistic atmosphere. The US services PMI dropped significantly from 49.3 to a two-month low of 46.6, increasing the risk of a US recession. The statistics raised hopes that the Fed would ease up on policy, but recession worries weighed on the cryptocurrency market.
The NASDAQ 100 increased by 0.80% on Monday, while the cryptocurrency market declined by 1.12%. The NASDAQ 100 Mini, on the other hand, was down 26 points, maintaining the Tuesday session's gloomy start.
Numbers on US consumer confidence later today should point the way. Market risk perception would change if the CB Consumer Confidence index dropped to less than 100.
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