Market Sentiment Crumbles As Sell-Offs Drags Bitcoin To $33,000
24 Gennaio 2022 - 06:00PM
NEWSBTC
The current market crash is no doubt one of the hardest to hit in
recent times. Bitcoin as well as other digital assets have suffered
massive dips as a result of the crash. For Bitcoin, the pioneer
cryptocurrency has had more than 50% of its all-time high shaved
off in the last two months. This has caused it to hit new six-month
lows as its price crashes to $33,000 for the first time since the
summer. Market sentiment has since nosedived in accordance with the
movement of the market. As investors become increasingly wary of
the market, more so than it was during the crash in May, sentiment
has skewed entirely into the negative. The Fear & Greed Index
puts this into perspective with its current rating as it now sits
at one-year lows, crashing to 11 on the scale. Related Reading
| Ethereum Fee Averages Remain Above $30 Despite 35% Drop.
Price Pump Incoming? Fear & Greed Index Goes Haywire The Fear
& Greed Index has been consistently declining into the negative
as bitcoin and others have continued to record massive
fluctuations. Now, though, the index has gone completely berserk as
it crashes into one of the lowest recorded points. On Sunday, the
Fear & Greed Index hit a score of 11, completely registering
sentiment in the negative as it dived into extreme fear. The
following day has not come with much good news as the Fear &
Greed Index still shows that investors are very wary of the market.
The index currently sits at 13 at the time of this writing, a mere
2 points higher than its weekend low of 11. Nevertheless, the Fear
& Greed Index has now spent a week in extreme fear as last week
concluded with the index in the same territory. Fear & Greed
Index remains in extreme fear | Source: alternative.me Sell-offs
remain the order of the day with investors scrambling to save
themselves from more losses. It looks to be what is the start of
another stretched-out bear market, as the last time something like
this occurred was in 2018. After this, the market did not recover
for another two years. If history is anything to go by, then the
downtrend may not be over, with some predicting the bottom to be as
low as $10,000. Bitcoin Liquidations Rack Up Amidst the sell-offs
and price crash has been massive liquidations. Bitcoin long traders
have naturally borne the brunt of the recorded liquidations with
hundreds of millions of dollars in longs liquidated in the space of
24 hours. BTC liquidations racked up to $390 million in a single
day, while the 12-day chart looks even worse with more liquidations
taking place. Related Reading | Bitcoin Breaks $37,000, Why
Downtrend To $29,000 Is Likely In total, there have been over $283
million in bitcoin liquidated in the last 12 hours. Longs have made
up 80.8% of all liquidations according to data from Coinglass.
OKEx, Binance, and FTX maintain the lead for exchanges with most
liquidations as the majority have occurred on these platforms. BTC
recovers to $34k | Source: BTCUSD on TradingView.com Bitcoin’s
price continues to trend low, touching $33,000 in the early hours
of Monday. Twitter is abuzz with talk of the bitcoin crash with
#BitcoinCrash trending. The digital asset is now trading at
$34,200, with indicators pointing towards further dips. Featured
image from Unfinished Success, charts from alternative.me and
TradingView.com
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