Bitcoin has once again shown its resilience by breaking above the key resistance level of $35,000. This recovery is reflected in the Fear & Greed Index, which shows a score of 73, indicating a state of "greed" in the market. Is this the beginning of a bull run?
The high Fear & Greed Index shows that there is growing optimism among investors. News surrounding a possible approval of Bitcoin spot ETFs by the SEC sparked this optimism, after which the Bitcoin price climbed in a short time. The growing optimism among investors suggests a positive outlook for the future of the market.
Economic indicators and Bitcoin's rise
Despite a US jobs report that showed lower-than-expected job growth in October, and a slight rise in the unemployment rate, the price of Bitcoin experienced a notable rise. These data suggest that the crypto market may be moving away from traditional economic indicators, or that investors are looking through short-term economic setbacks.
The number of Bitcoin wallets storing at least $1,000 worth of Bitcoin has reached a new peak of 8 million addresses. This milestone reflects growing investor interest and adoption and is seen as a positive sign for Bitcoin's long-term value. Indeed, it indicates that a large number of investors have confidence in Bitcoin and have therefore bought Bitcoin.
As mentioned earlier, speculation about the possible approval of Bitcoin ETFs by the US Securities and Exchange Commission has also contributed to the recent price rise. The market is reacting to the possibility of easier access to Bitcoin investments through these funds. Several crypto analysts and experts expect an actual approval to have a positive impact on price.
Technical analysis and price movement
Bitcoin is currently experiencing minor price fluctuations around $34,895. Technical analysis suggests immediate resistance at $35,352, with further potential targets at $36,834 and $37,722. Support levels are identified at around $34,112, with additional support at $33,425 and $32,432. The Relative Strength Index (RSI) stands at 50.01, indicating a balanced market, and the 50-day Exponential Moving Average (EMA) suggests a short-term bullish trend. The market is looking for confirmation of this trend through sustained price movements within or above the current upward channel.
With these developments, Bitcoin remains a more attractive investment vehicle for both experienced traders and newcomers to the world of cryptocurrency. The market the bull run offers many opportunities, especially with several developments taking place. Despite this, it is important not to invest money you cannot afford to lose and always do research.
