Bitcoin went to $58,000 the last time this price action happened. It’s back

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Bitcoin closes seven consecutive daily green candles, putting it on track for the longest winning streak in 2021.

The last time this happened was March 5, when the leading cryptocurrency rose from $48,000 to end its run at $58,000 a week later.

With the FUD seemingly behind us, can we expect Bitcoin to re-capture $40,000 in the near term?

Bitcoin looking to retest $40,000

Bitcoin’s performance over the past week or so saw it close below $30,000, leading some to suggest further downside and confirmation of the bear market.

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But, as ever, Bitcoin did what was least expected by instead posting successive gains. Over this period, BTC rose 34% to close yesterday at $39,500. Another green candle close today would make eight consecutive daily gains.

Late evening on Monday did see a break of $40,000 before sellers took profits sending the price back down. But bulls managed to buy the sell-off, maintaining the upward momentum and positioning BTC for another retest of $40,000 today.

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Pankaj Balani, the Chief Executive Officer at derivatives exchange Delta Exchange, commented that the current momentum is strong. He added that $45,000 is in sight, but $50,000 presents something of a challenge.

The $50,000 area is a key psychological price level. Previously, this zone has acted as support and resistance on numerous occasions over the past five months. Many more buyers would need to show up en mass to make it happen.

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At the same time, Bitcoin looks to have turned the corner as far as answering with the FUD is concerned.

Elon Musk is reconsidering BTC as a payment method for Tesla. Speaking at The ฿ Word conference, Musk said the network seems to have shifted more towards renewable energy sources. But he added that he needs to do his due diligence before committing.

Also, the Bitcoin hash rate looks to have recovered after bottoming at 85m TH/s. Analysts conclude that relocated Chinese miners are beginning to settle in their new homes. They expect the hash rate to climb back towards pre-FUD levels.

Fear & Greed Index turns from fear to neutral

Since the start of this week, the Fear & Greed Index has posted a remarkable upturn, with a reading of 50 today, putting sentiment in the neutral zone.

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Yesterday, the reading was at 32, indicating fear. Whereas last week the reading was as low as 10, signaling extreme fear. This was the period when Bitcoin had lost $30,000.

With sentiment back on track and the FUD seemingly behind us, everything is aligned for Bitcoin to make its move.

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Author: Samuel Wan


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