Journalist
Posted:
- Bitcoin’s worth confronted a bearish downturn after surpassing $66,000, elevating market uncertainty.
- Technical indicators instructed bullish sentiment, however potential development reversal looms with rising volatility.
After surging previous the $66,000 milestone, sparking pleasure throughout the crypto group, and fueling hopes for an imminent bull run, Bitcoin [BTC] discovered itself underneath a bearish cloud.
Based on the most recent information from CoinMarketCap, BTC was buying and selling at $64,519, after a 1.65% dip within the final 24 hours.
This sudden downturn has tempered the optimism of many traders, leaving the market unsure about what lies forward for the main cryptocurrency.
Bitcoin turns bearish
Noticing the bearish divergence, on-chain analytics platform Santiment shared its insights on X (previously Twitter) on the twenty ninth of September and famous,
“If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations.”
Supply: Santiment/X
In its newest publish, Santiment emphasised that there are actually roughly “1.8 bullish posts toward BTC for every 1 bearish post”, reflecting the continued optimism regardless of latest market downturns.
This was additional confirmed by Jameson Lopp, Chief Safety Officer at Casa, who stated,
“Bitcoin sentiment is shifting positively in mainstream media as FUD fails to withstand the test of time.”
Supply: Jameson Lopp/X
Nonetheless, drawing a parallel to previous efficiency, Santiment added,
“Markets historically always move the opposite direction of crowd’s expectations.”
Are technical indicators portray a distinct image?
Whereas discussions counsel that Bitcoin could take time to succeed in a brand new all-time excessive, technical indicators paint a extra nuanced image.
As an example, the Relative Energy Index (RSI) presently sits above the impartial zone at 59, reflecting a bullish sentiment.
Nonetheless, it’s value noting that the RSI has been trending downward for the reason that twenty ninth of September, signaling a possible development reversal.
This cautious outlook is additional supported by the Bollinger Bands, which have widened, indicating elevated volatility and potential shifts in market sentiment.
Supply: Buying and selling View
Nonetheless, the group nonetheless seems to be constructive as famous by an X person — Crypto Rover who stated,
“The #Bitcoin bull market starts here!”
Supply: Crypto Rover/X
