Bitcoin Turns Bearish In The Short TermsAs Market Dives Into Extreme Fear

Bitcoin has seen some better days but that does not mean that the cryptocurrency is no longer a viable choice. The thing is that the recent downtrend has set it on a bearish path and with the market halfway to the next halving, it could very well be that the market is headed into another stretched-out bear. This is certainly the case for the short term given how the digital asset has been performing lately. Coupled with current investor sentiment and it is a recipe for disaster. Market Turns Fearful The Fear & Greed Index always helps give an idea of how investors are feeling towards the market. It is a helpful tool that aggregates data across a number of metrics and then delivers on a numbered scale. The scale has since been in the negative with the downtrend in the crypto market. However, it has gone from bad to worse as the index now reads extreme fear in terms of investor sentiment. Related Reading | Number Of Bitcoin Millionaires On The Rise As Accumulation Continues This is expected when cryptocurrencies dump in such a short amount of time. The market had seen about $200 billion shaved off in the space of a day while top coins like bitcoin and Ethereum had dumped continuously. BTC down to $38k | Source: BTCUSD on TradingView.com Bitcoin which had earlier reclaimed the $40,000 spot has once again lost it. It remains a strong resistance point with bears continuing sell-off trends causing the digital asset to ...