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Market News BTC Fear & Greed Index Targets the Fear Zone Despite a Bearish BTC

BTC Fear & Greed Index Targets the Fear Zone Despite a Bearish BTC

Following a BTC decline on Tuesday, buyer apprehension this morning was put to the test by Fed dread and economic uncertainty. Today's Fed discussion has to be tracked.

Jimmy Khan
2022-10-19
379

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Bitcoin (BTC) lost 1.13% of its value on Tuesday. BTC finished the day at $19,334, somewhat erasing a 1.49% gain from the previous day. It's noteworthy that BTC missed the $20,000 mark for the eleventh session in a row while avoiding a relapse to under $19,000 for the third session.


BTC increased to a morning high of $19,709 thanks to a strong start to the day. BTC declined to a late low of $19,100 after falling short of the First Major Resistance Level (R1) at $19,770. Before making a partial comeback to close the day at $19,334, BTC breached the First Major Support Level (S1) at $19,252.


US economic data hurt Bitcoin and the larger crypto market. In September, industrial production rose by 0.4%, reversing a 0.1% dip in August. Analysts predict a 0.1% increase. The market's response was shown in the chart below after an initial spike upon the announcement of the figures.


Despite better-than-expected results from Goldman Sachs (GS), Johnson & Johnson (JNJ), and Lockheed Martin, US corporate profits failed to sustain a resurgence (LMT).


Positive US statistics and happy results helped the NASDAQ 100 have another robust day while failing to bolster the cryptocurrency market. The NASDAQ increased by 0.90% on Tuesday.


US economic data today shouldn't have a significant influence on Fed monetary policy or the cryptocurrency market. The Fed should be in focus after the housing sector statistics. The NASDAQ Mini was up 152 points this morning.


Despite the decline in BTC, the Fear & Greed Index continues to rise.


The Fear & Greed Index increased from 22 to 23 today. BTC fell short of $20,000 for an eleventh session in a row, therefore the growth was minimal. Notably, the Index rose as BTC lost value for the day.


Given that the Fed's continued instilling of economic uncertainty, neither the Index nor BTC have been able to break out of current ranges.


The Index will need to keep avoiding sub-20/100 for the bulls to justify a change in mood. However, a decline to below 20/100 would indicate a BTC decline to below $18,000.

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