- BTC price has been in a tight range in the past few weeks.
- Bitcoin's fear and greed index has moved to the greed zone of 62.
Bitcoin price has moved sideways in the past few days as investors wait for the next catalyst. BTC was trading at $28,000, where it has been in the past few days. This price is a few points below the year-to-date high of $29,135.
Crypto fear and greed index rises
Bitcoin price has been in a consolidation phase in the past few days as investors focus on the state of the market.
A closer look at the financial market shows that the Nasdaq 100 index has been in a strong bullish trend in the past few days. It was trading at $13,121, which was the highest point since August 2022. The index has risen by more than 25% from the lowest level in 2022. In most periods, Bitcoin has a strong correlation with the Nasdaq 100 index.
The bond market has also stabilized in the past few days. The yield of the 10-year bond government bond has dropped to 3.4% while the 5-year dropped to 3.5%. Meanwhile, the US dollar index has pulled back to $101.27 while the VIX has jumped to $19.5.
Meanwhile, the crypto fear and greed index shows that investors are still greedy. It has moved to 62, which is higher than last week’s 59. In most periods, Bitcoin tends to do well when investors are greedy.
Notably, the main fear and greed index created by CNN Money has moved from 38 last week to 51. It is approaching the greed zone of 60. Therefore, there is a likelihood that it will continue rising as stocks wait for the upcoming earnings.
Bitcoin price prediction
On the daily chart, we see that the BTC price dropped to a low of $15,565 earlier this year. Since then, it has been in a slow recovery that has seen it move above the important resistance point at $25,393 This was a notable level since it was the highest point on February 14.
Bitcoin price has also moved above the 23.6% Fibonacci Retracement level while the Relative Strength Index (RSI) has moved below the overbought level. It also seems like it is forming a bullish flag pattern.
Therefore, there is a likelihood that the BTC/USD will have a bullish breakout as buyers target the key resistance at $30,000. A move above that level will push the coin to the38.2% resistance level at $35,790, which is ~30% above the current level.
