search
Homeweb3.0Bitcoin (BTC) Posts Negligible Bounce, but Extreme Fear Suggests Larger Rebound in Store

The Crypto Fear & Greed Index has plunged to levels that previously have presaged a sizable move higher in bitcoin prices.

Bitcoin (BTC) Posts Negligible Bounce, but Extreme Fear Suggests Larger Rebound in Store

Bitcoin (BTC) showed negligible signs of recovery on Wednesday, but a key market sentiment indicator suggested that the world's largest cryptocurrency might be poised for a larger rebound.

Bitcoin was trading flat over the past 24 hours at around $58,000 by early U.S. hours. The token reached as low as $55,600 during the session. Ether was also largely unchanged, trading at around $4,100.

Among the top gainers were the native tokens of Solana (SOL), Near (NEAR) and the Internet Computer Protocol (ICP). These tokens outperformed the two largest cryptos and rose by between 2% and 4%.

Meanwhile, the Crypto Fear & Greed Index sank to as low as 26 out of 100 in the past few days. The metric, which gauges market enthusiasm towards bitcoin and other large cryptocurrencies, showed deep "fear" in the market.

A reading of zero on the index represents extreme fear, while 100 at the other end of the spectrum indicates extreme greed. The metric has offered several tactical long opportunities in recent months.

"With the recession fears reaching a fever pitch and crypto sentiment washed out, I believe we are at or very close to a tradable local bottom," Quinn Thompson, founder of digital asset hedge fund Lekker Capital, wrote in a Wednesday update.

Thompson noted that the U.S.-listed bitcoin ETFs on Tuesday saw their biggest daily outflow since May 1, which corresponded to a local bottom in bitcoin's price at $56,500. BTC then rebounded 27% in three weeks to $72,000.

"The Crypto Fear & Greed Index at 25 in early July offered a 32% return on BTC over three weeks to nearly $70k by the end of the month," Thompson added. "The index at 17 in early August offered a 32% return on BTC over three weeks to 65k.”

The longer term outlook for digital assets remained murky as growing concerns about the U.S. labor market and a potential recession coincide with the Federal Reserve's upcoming interest rate cuts.

Bitfinex analysts said bitcoin could fall to around $40,000-$50,000 in a bearish, recessionary scenario following the rate cuts.

The above is the detailed content of Bitcoin (BTC) Posts Negligible Bounce, but Extreme Fear Suggests Larger Rebound in Store. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsSenators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PM

Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.

Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansBitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AM

On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.

Bitcoin (BTC) – America’s Key To Economic Supremacy?Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PM

In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman

Hackers recover $3 million in bitcoin from software wallet locked for over a decadeHackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AM

JoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo

US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketUS Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AM

Financial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market

Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AM

Cryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.

Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyBitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PM

Powered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.

Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AM

Crypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

Hot Tools

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

SublimeText3 Linux new version

SublimeText3 Linux new version

SublimeText3 Linux latest version

ZendStudio 13.5.1 Mac

ZendStudio 13.5.1 Mac

Powerful PHP integrated development environment

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!