BTC has been in a consolidation phase over the past few days.
The Fear and Greed Index of Bitcoin has moved to the level of fear.
The Broader Fear Index by CNN Money is still in greed territory.
Bitcoin price remained under intense pressure as concerns about the crypto industry continued. It was trading at $16,516 on Tuesday, where it has been for the past few days. The price is a few points above this month’s low of $15,733. BTC/GBP and BTC/EUR have also been in a consolidation phase.
FTX and the Alameda transition continues
Bitcoin And other cryptocurrencies are on the rise after the collapse of FTX. At its peak, the company was the second largest cryptocurrency exchange In the world after Binance. It was also seen as a savior of the blockchain industry as the founder made a significant investment in a struggling company.
The industry continues to transition. On Monday, Blockfi, a struggling crypto lender, filed for bankruptcy following the collapse of FTX. FTX entered into a definitive agreement to acquire the company, as we wrote in report good,
Other companies are struggling too. For example, more than 150 firms have applied for financing from a fund created by Binance and other large players. Meanwhile, Digital Currency Group (DCG) has hired restructuring experts as its portfolio companies are under pressure.
Improving the Crypto Fear and Greed Index
Bitcoin price remained in a tight range as the Crypto Fear and Greed Index improved. According to AlternativeMe, the Fear and Greed Index was at a fear level of 26 on Tuesday, up from last week’s extreme fear of 22.
The Fear and Greed Index is an important gauge in the crypto industry as it measures the overall sentiment of the coin. It looks at key data such as Google trends, market dominance and social media activity.
On the other hand, the broader CNN Money Fear and Greed Index remained at the greed level of 59. Key numbers such as stock price strength, stock price breadth, and put and call options are at greed levels. Bitcoin tends to do well in periods of sustained greed.
bitcoin price forecast
The daily chart shows that the price of BTC has been under tremendous pressure over the past few months. This important support remains just below $17,606, which was the June low. The coin has also moved below all moving averages. It has also created what looks like a bearish pennant pattern.
Therefore, the coin is likely to turn bearish as sellers target the next key support at $15,000. A break below the support level means that there is a high probability for the coin to drop further to $10,000.
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