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Market News BTC Fear & Greed Index Inches Higher to Signal a BTC Run at $26,000

BTC Fear & Greed Index Inches Higher to Signal a BTC Run at $26,000

A Bitcoin rebound to $25,000 would support a breakout session after a positive Monday session, with the Fear & Greed Index showing optimistic signs.

Jimmy Khan
2023-02-21
11059

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Bitcoin (BTC) gained 2.27% on Monday. BTC finished the day at $24,835, reversing a loss of 1.42% from Tuesday. Bitcoin re-entered below $24,000 for the first time in three sessions despite the positive day.


Bitcoin dropped to a low of $23,862 in the early morning hours due to a rocky start to the day. Bitcoin temporarily breached the First Significant Support Level (S1) at $23,934 before surging to a high of $25,114 in the early afternoon. In order to close the day at $24,835, Bitcoin eased down after breaking past the First Major Resistance Level (R1) at $24,922.


Silence from US lawmakers and regulators results in a bullish session.


Due to the American markets being closed on George Washington's birthday, there were no outside market factors in play to affect investors.


Investors had no US economic data to analyze, and there was no US legislative activity or regulatory change to sway mood. While Bitcoin failed to hold onto the $25,000 level, suggesting persistent regulatory uncertainty and Fed Fear, the tranquil session helped a rebound from early losses.

The Coming Day

With the American markets resuming after the vacation on Monday, it will be a busy day. The afternoon session will be dominated by discussions of American economic figures. The February preliminary PMI data for the private sector will be in the limelight, with the services PMI expected to have a greater impact on the NASDAQ Composite Index and the larger crypto market.


The Fed will get more data points from the sub-components. New orders, labor market circumstances, and pressures on input and product prices are probably the main concerns.


The NASDAQ Composite Index was down 20.25 points this morning.

Yet, we anticipate that US legislative action and regulatory activity will continue to be the major drivers.

Eager on Bitcoin Return to $25,000, The Fear & Greed Index Remains

The Bitcoin Fear & Greed Index increased from 58/100 to 60/100 today, reversing the downward trend from Monday. Despite the positive Bitcoin day, the Index stayed in the Greed zone, indicating regulatory worries and Fed Fear.


Regulatory worries returned over the weekend despite greater scrutiny of SEC regulatory action by US lawmakers. In response to the White House's push for tighter regulation, the US Department of Justice, the CFTC, and the SEC have tightened their focus on the digital asset market.


It can be a challenging moment for US cryptocurrency users. For the market to implement the necessary regulatory measures, bipartisan legislation would be required.


The possibility of a more aggressive Fed interest rate trajectory continued to be a drag on the Index for the crypto market.


To support a Bitcoin breakout from $25,000 to target $30,000, the Index must stay out of the Neutral zone after returning to the Greed zone. Nevertheless, a return of the Index to the Fear zone would indicate a short-term reversal of the positive trend.

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