BTC Hits Above $23.000 But The Market Is Still In A State Of Fear

The crypto market is witnessing an impressive recovery, BTC price currently hovering around $23.000. Bitcoin’s Greed and Fear Index returns to “Fear” for the first time in 73 days of “Extreme Fear”.

BTC is approaching the $24,000 mark

Bitcoin price increased by 6.89% within 24 hours, hovering around $23,000 mainly driven by Ethereum’s The Merge date news, however BTC ended up going against the community’s prediction, continuing to move straight to the upside. price range of $24,000. At press time, BTC is trading around $23,403.

The breakout of Bitcoin in the past 24 hours is believed to have come from money flow mainly from the majority of altcoins in the market. This means investors who have sold altcoins to BTC on the atlcoin/BTC trading pair for shelter amid the US CPI hitting a 4-decade high at 9.1% as well as the fear of “crypto winter” is not over yet. Therefore, although BTC increased, in general, the movement of altcoins was insignificant.

According to data from Coinglass.com, around $277.93 million has been liquidated from the market in the last 24 hours, mainly coming from short orders with more than 60%. Bitcoin and Ethereum are the two leading coins in liquidation value in this round.

The Greed and Fear Index at 31 can be seen despite the positive market movements, but investors may still be worried about the Fed’s next rate hike that could affect the whole economy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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