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Market News BTC Fear & Greed Index Stays Greedy Signaling a BTC Return to $25,000

BTC Fear & Greed Index Stays Greedy Signaling a BTC Return to $25,000

The Fed Fear factored into the Bitcoin session on Thursday, which was negative. The Fear & Greed Index's potential decline was nonetheless constrained by reduced regulatory risk.

Skylar Shaw
2023-02-17
8145

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Bitcoin's (BTC) price dropped by 3.24% on Thursday. Bitcoin finished the day at $23,529, somewhat retracing a Wednesday surge of 9.95%. Bitcoin returned to $25,000 levels for the first time since August despite the gloomy day.


During a range-bound morning, BTC increased to a high of $25,234 in the early afternoon before going backward. Bitcoin crossed above the First Major Resistance Level (R1) at $25,113 before dropping to a low of $23,526 in the dying minutes. Bitcoin concluded the day at $23,529, avoiding the First Significant Support Level (S1) at $22,802.

Fed Fear Outweighs Reducing Regulatory Risk Anxiety

After a turbulent 10-day period during which the SEC targeted stablecoins via Binance USD (BUSD) and crypto staking through Kraken, market attention shifted to the Fed on Thursday.


US wholesale inflation and unemployment claims data piqued market attention in the afternoon session.


Compared to an anticipated 5.4%, the US wholesale annual inflation rate decreased in January from 6.5% to 6.0%. Despite easing inflationary pressures, inflation is still much higher than the Fed's objective, which fuels concerns about an extended period of interest rate increases to combat inflation.


A more pessimistic view for Fed policy was also bolstered by jobless claims. Contrary to expectations, initial claims for unemployment benefits decreased from 195k to 194k. Sub-200k indicates a competitive job market. The Fed has lots of flexibility to maneuver to aggressively reduce inflationary pressures with the US unemployment rate at 3.4%.


Talk from the Fed made things even more gloomy. Considering that inflation remained too high, FOMC member Loretta Mester indicated she is open to more aggressive rate increases than those her colleagues had suggested in February. James Bullard discussed sustaining rate rises in order to maintain the trend of lower inflation.


The announcement that the SEC had filed fraud charges against Terra Labs and its creator Do Kwon had little effect on investor mood, despite growing SEC engagement in the digital asset market. On Thursday, the SEC filed charges against Terra Labs and Do Kwon for misleading investors.

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