Bitcoin is hovering around $38,000, underneath the psychological $40,000 breakpoint.
At least some Bitcoin bears think that the “extreme fear” listed currently on the Crypto Greed and Fear Index is going to push Bitcoin down further.
“Data from Cointelegraph Markets Pro and TradingView followed a bearish BTC/USD after the pair touched $39,200 on April 22’s Wall Street open,” writes William Suberg at Cointelegraph. “Falling in line with stocks, Bitcoin now faced the prospect of resistance that cemented itself at the $40,000 mark, with traders showing their lack of confidence in a short-term rebound.”
Citing short indicators from sources like Coinglass, Suberg also includes a tweet by notable BTC aficionado Filbfilb that makes this cryptic pronouncement:
“Price at $47k: – LS ratio was 1:1. Price at $39.5k: – LS ratio = 3.5. … Ruh-oh.”
For reference, the LS Ratio or long-short ratio long-short ratio is a metric for the amount of a security that is currently available for short sale, against the amount that is actually sold short.
These analysts are also looking at the U.S. dollar currency index as the dollar spikes.
“The U.S. dollar is the only (asset of certain surveyed assets) to climb, proving its dominance as the safe-haven asset,” writes Omkar Godbole at Coindesk. “The dollar index, which tracks the greenback’s value against majors, topped 101 for the first time since March 2020. The Chinese yuan fell to 6.553 against the dollar, hitting the lowest since November, a sign markets are concerned about a slowdown in the world’s second-largest economy.”
So BTC to $35K? Hodlers hope not. For balance, Suberg provides this quote from popular YouTuber Crypto Rover:
“Prepare yourself for the next runup. Historically speaking, this has been one of the best ranges for buying Bitcoin!”
Let’s see whether the bulls or the bears get a green flag or candlesticks poking in their direction this week.
