Bitcoin Fear and Greed Index Hits a New 17- Month High of 69

The crypto fear and greed index has reached a 17-month high, according to data from Alternative. The index currently stands at 69.  What: The Bitcoin [...]

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Bitcoin Loses Grip On $31,000 Handle: Experts Predict What To Expect

The price of bitcoin (BTC) fell from its lofty $31,000 perch Saturday, making investors anxious when the alpha coin will reclaim the spot.  The price fallback has led analysts to share their projections for the leading cryptocurrency. According to market analyst Michaël van de Poppe, while Bitcoin appears strong, it may experience minor corrections during [...]

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Bitcoin Open Interest Hits ATH As BTC Nears $100K What To Expect?

Bitcoin has shattered records again, reaching a new all-time high of $97,903 just hours ago. The cryptocurrency market is exciting as Bitcoin leads the charge, delivering explosive gains that have fueled widespread bullish sentiment. Investors and traders alike speculate this rally is far from over, with Bitcoin edging closer to the monumental $100,000 mark. Related Reading: Ethereum Consolidation Continues Charts Signal Potential Breakout Key data from Coinglass reveals another significant milestone: Bitcoins Open Interest has reached an all-time high. This surge in Open Interest indicates a flood of capital entering the market, signaling heightened activity and confidence among traders. Such metrics further confirm the euphoric state of the market, where optimism reigns supreme and momentum continues to build. With Bitcoins price rallying at an unprecedented pace and market indicators hitting record levels, the stage is set for what many believe to be an almost inevitable breakout above the psychological $100,000 level. The markets focus is whether BTC can sustain its trajectory or if a temporary pullback will precede the next leg up. Either way, the spotlight remains firmly on Bitcoin as it cements its status as the leading force in this explosive bull run. Bitcoin Greed Enters The Market  Greed has gripped the Bitcoin market, with the average Fear and Greed Index hitting 76%, signaling heightened optimism among investors. This elevated level of greed suggests that market participants are buying aggressively, anticipating that Bitcoin’s price will continue its upward trajectory without significant setbacks. Such sentiment often leads to increased speculative behavior as traders look to capitalize on the ongoing rally. Critical data from Coinglass supports this narrative, revealing that Bitcoin Open Interestrepresenting the total value of outstanding derivative contractshas reached an all-time high of $62.69 billion. This unprecedented figure highlights the speculative nature of the current market, as traders use leveraged instruments like futures to amplify their potential gains. While this fuels bullish momentum, it also adds volatility, making the market susceptible to sharp moves in either direction. Interestingly, Bitcoin’s optimistic environment starkly contrasts the broader crypto market, where altcoins continue to struggle to reclaim yearly highs. While BTC leads the charge with record-breaking performance, altcoins have yet to catch up, underscoring Bitcoins dominance during this market cycle phase. Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH Targets Revealed As speculative activity and investor optimism drive Bitcoin’s price action, the market waits to see if the rally has more fuel or if a correction looms. For now, Bitcoin remains the focal point of this euphoric bull run. BTC Enters Price Discovery Again Bitcoin is trading at $97,500 after setting a fresh all-time high, continuing its explosive rally. The market leader has entered price discoverya phase often characterized by parabolic trends like the one currently driving BTC higher. Investor anticipation is growing, with the $100,000 mark only 2.5% away. This psychological milestone could act as significant resistance, potentially holding Bitcoin down for an extended period. A consolidation phase around this level would benefit the broader market, allowing altcoins to catch up and the rally to maintain stability. However, price discovery can be unpredictable. If Bitcoin fails to reach the $100,000 mark in the coming days, the market could see a pullback as bullish momentum cools. A retrace to lower demand zones, such as the $88,500 level, would provide the market with a necessary reset before the next leg upward. Related Reading: Dogecoin Breaking Out Of Falling Wedge Pattern Analyst Reveals Target Despite the possibility of a short-term correction, Bitcoins price action remains strong. Its dominance over the crypto market and the current euphoric sentiment suggest bulls are still firmly in control. As traders and investors closely monitor price movements, Bitcoins ability to push through key psychological levels will determine the next phase of this historic rally. Featured image from Dall-E, chart from TradingView

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Trader Greed Strikes Again: Bitcoin Corrects To $102,000 After FOMO Spike

Bitcoin has observed a retrace from its new all-time high after users on the major social media platforms displayed overexcitement. Bitcoin FOMO On Social Media Spiked During Recent Rally In a new post on X, the analytics firm Santiment has talked about how social media reacted to the recent Bitcoin rally to the new all-time high. Whenever volatility emerges in the market, users on these platforms start sharing about which levels they think the price would visit next. This latest one was naturally no exception. To gauge how many users called for which price levels, the analytics firm has made use of the “Social Volume” indicator. This metric keeps track of the total number of posts/threads/messages on the major social media platforms that are making at least one mention of a given term or topic. Related Reading: XRP Whale Binance Deposits Skyrocket: Key Holders Preparing For Profit-Taking? The reason that the indicator doesn’t simply count up the mentions themselves is so that a few outlier posts containing thousands of mentions don’t skew the data by themselves. In order to narrow the data down to posts related to Bitcoin price calls, Santiment has entered certain price levels alongside BTC-related terms into the Social Volume. The analytics firm has divided the price targets into three groups: levels above the current one, levels below it, and levels around it. Below is a chart showing the trend in the Bitcoin Social Volume for these over the past month and a half: As is visible in the graph, the combined Bitcoin Social Volume for the prices between $110,000 and $119,000 witnessed a large spike alongside the price rally, suggesting that the social media users were optimistic about the cryptocurrency continuing its bullish momentum and exploring the higher levels next. The bets of these users have failed so far, though, as the asset has seen a retrace since their mentions have appeared. From the chart, it’s apparent that this is actually a trend that BTC has shown in the past as well. “Prices historically move the opposite direction of the crowd’s expectation, particularly in the short-term,” notes Santiment. “Being a contrarian continues to be a profitable way to swing trade, and an easy way to do so is to look at mentions of lower prices, current prices, and higher prices.” Just like how market hype leads to tops for Bitcoin, pessimism can result in bottoms. The price recovery run during the past week kicked off after social media users started expecting a bearish outcome. Related Reading: Bitcoin Struggles For Direction Post-Trump Disappointment What Next? Thus, the Social Volume of these terms could be to keep an eye on in the coming days, as another spike in posts mentioning the lower price targets could end up being a positive sign for the rally. BTC Price At the time of writing, Bitcoin is floating around $104,500, up almost 9% in the last seven days. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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