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The price of BTC has slipped, but sentiment remains positive

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BTC slipped below $ 46,000, with the price in 24 hours recording a slight loss of 3.3%. Those who waited for BTC to overcome the $ 48,000 resistance and then reach 50,000 will have to wait a little longer.

Despite the price of BTC, sentiment remains positive

According to an analysis published on Tradingview, BTC is testing a resistance of $ 47,500. If this level is exceeded, it will rise toward $ 51,600. So BTC would return above the psychological threshold of $ 50,000. And according to the analytical platform Santiment traders are quite optimistic.

BTC settled in the range of $ 45,000 to $ 48,000, which encouraged traders to join FOMO in anticipation of further growth towards April’s AllTimeHigh. Our data suggest that optimism is on the rise, but not euphoric in a way that leads to immediate BTC corrections.

The price of Bitcoin has slipped below $ 45,000, but sentiment remains positive
source: Twitter

According to this chart, it is generally felt that BTC is heading for a new ATH, which is more than $ 65,000. However, according to the Santiment platform, traders are not euphoric, which could lead to a correction. That’s a bit of what happens when the price rose to $ 48,000 and then came back and settled between $ 46,000 and $ 47,000.

The index of fear and greed is also stable at 73, which is a sign of greed: investors at this time want to buy.

Bitcoin Fear & Greed Index
source: alternative.me

According to Paolo Ardoin, CTO of Bitfinex, the market is in a bull phase and institutional investors are buying BTC in bulk:

“Bullish sentiment seems to be driving cryptocurrency markets with Solana and Matic chalking up impressive gains. We may be seeing a reawakening of animal spirits among speculative investors with decentralized finance (DeFi) and the market for NFTs both resurgent. While volumes remain relatively subdued, a lot of the profits that have been made are filtering back into the ecosystem, causing a continued boom in retail markets for altcoins. It is also important to note a backdrop of sustained institutional investment in the space, a trend that will only further consolidate if bitcoin returns to the highs that it reached earlier this year.”

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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