Price Analysis

Bitcoin Back Above $38,000 & Ethereum Above $2600, Yet Traders Are Still Doubtful of The Next Move!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jan 30, 2022

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Highlights

    Bitcoin managed to rally above and reside above $38,000 while Ethereum also followed the star crypto

    Despite the asset is showcasing extreme bullish momentum, yet the sentiments have become slightly negative that may fuel the price rise soon

Each time Bitcoin price slides down drastically, the traders quickly jump in to accumulate the asset at the lower prices. And this has helped Bitcoin to remain above the crucial support levels for quite a long time. However, these support levels appear to be pretty much distinct. And the probability of the BTC price & ETH price crashing towards $30,000 and $1700 respectively have diminished. 

The top two assets which are followed by most of the altcoins are showing some strength currently. And hence one can expect a thriving weekend like each time, where BTC & ETH register notable growth. A similar scenario could repeat. But with the beginning of the fresh week trade, most of the gains get drained instantly. However, just for a change, Bitcoin may not mirror the previous week trend but may maintain a notable uptrend. 

Here are the grounds for the claim is the data provided by the on-chain analytical platform, Santiment. And despite the recent jump, the traders are fearing to get in. As the investment rate on Bitcoin has fallen into the Euphoria zone, beneath the average levels. And according to them, each time the price falls into this zone, it tends to flip.

While the Fear & Greed Index had dipped below 15 after a very long time in history, traders did not stop accumulating Bitcoin. And hence these fearful days actually bring more strong hands into the platform and the holders become more strong by increasing their holdings. Therefore, despite BTC & ETH prices being expected to fall down from the cliff, the possibility of rebounding and hitting the ATH still prevails.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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