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Bitcoin Shoots Up Above $24,000 As Index Show Investors Are Focusing On A Breakout

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On Wednesday, Bitcoin topped $24,000 amid a broader recovery in the crypto sector that pushed the global market valuation to $1 trillion. The leading cryptocurrency is up over 23% over the past seven days.

Bitcoin pumps up $24k threshold

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The bull run has barely begun. For the first time in more than a month, Bitcoin has crossed the $24,000 threshold. Investors can breathe a sigh of relief after nearly three months of “extreme fear.” On Wednesday, BTC hit an all-time high of $24,120, up 8% in just one day and trading at levels not seen since mid-June.

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TradingView reports that the price of one bitcoin is currently $24,120.30. The 24 hour trading volume is $49,929,803,913. The price of bitcoin rose by 7.97% compared to the previous day.

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BTC/USD trades above $24k. Source: TradingView

Bitcoin investors are hoping the Fed will take a more accommodating approach at its next policy meeting. The monetary tightening of the US central bank has had a significant impact on risky assets such as equities and cryptocurrencies. Since the beginning of 2022, the price of bitcoin has steadily declined by about 50%.

After an incredible 73 days, BTC finally left the “extreme fear” zone on Wednesday. The increase is due to a weekly increase in BTC by 19%. When the bulls return to the market, the trend resumes. The level of “extreme fear” in the Fear and Greed Index jumped to “scary”. Compared to the existing index of 31, it has increased dramatically.

| The Worst May Be Over As Cryptocurrency Market Adds Over $100 Billion

On a scale from 0 to 100, the fear and greed scale, the Sentiment Index, assesses the current mood of the overall crypto market. This index is based in part on the volume and dominance statistics of the main Bitcoin exchange.

According to Santiment’s Twitter data source, traders are changing their strategies and many are now focusing on a long-term breakout of the cryptocurrency. The current pattern may be a sign of FOMO (FOMO).

The Fed may raise rates

The Federal Reserve is expected to raise rates at its upcoming meeting, although this time the rate hike will be modest, 75 basis points instead of 100.

When the price of a cryptocurrency rises above $22,700, it retraces its 200-week moving average and lays the technical groundwork for a “trend reversal.” In the meantime, traders are betting that the worst of the major market panics caused by liquidity problems at several major crypto companies has passed.

Matt Weller, head of global market research at Forex.com, wrote:

“Like many risky assets, the crypto market is benefiting from investors lowering their expectations for the Fed’s peak interest rate this cycle to around 3.75% by the end of the year.”

However, the current bear market could last another 250 days, according to Grayscale’s “Bear Markets Ahead” report. After bitcoin recorded a daily close above its current range, traders expect the price of BTC to rise to between $27,000 and $32,000.

| Bitcoin Dominance Falls as Ethereum Takes More Space

Featured image from iStock Photo, charts from TradingView.com





Credit : www.newsbtc.com

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