Bitcoin (BTC) showed signs of growth at the Wall Street opening on November 29, when macroeconomic markets shed some worries last week.
1 hour light chart BTC / USD (bit print). Source: TradingView
Extreme Fear Cryptocurrencies
Data from Cointelegraph Markets Pro and TradingView confirmed that BTC / USD was holding $ 57,000 at the start of trading on November 29.
Despite a weak start in Asia, US markets were in the mood for a correction after the November 26 defeat, with the S&P 500 recovering some of its 2.3% loss.
Bitcoin joined the improved sentiment with performance overnight that hit 7% and hit a local high of $ 58,300.
Sentiment reversed those changes, with the Crypto Fear & Greed Index rising from 21/100 to 33/100 – from “extreme fear” to “fear” – after hitting its lowest level since September.
An index of fear and greed in cryptography. Source: Alternative.me
“The market is recovering,” said Cointelegraph member Michael van de Poppe.
“Hopefully this weekend has shown you that you need to relax when it comes to the markets. There was a lot of fear over the weekend and it quickly disappeared. Never sell after a big red light, it depends on pure emotion. Calm down. ”
However, BTC’s price action remained stuck in a downward channel on the daily timeframe, capped by an important $ 60,000 range that had previously turned from support to resistance.
Regarding the possibility of a new withdrawal to take advantage of renewed optimism among market participants, the materials analyst said warning words in the meantime.
“Much of the liquidity of the BTC supply has been taken away,” he told Twitter followers along with the updated order book schedule.
“You won’t be surprised if the Hunters chase weak and weak hands. Then plan. ”
Fragment of the BTC / USD heat map as of November 29. Source: Material Scientist / Twitter.
MicroStrategy buys diving for $ 400 million
But among the more powerful “traders”, belief in Bitcoin’s profitability showed no signs of waning.
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On November 26, it was revealed that not only companies like El Salvador but also network investor MicroStrategy took advantage of the opportunity to “buy at the bottom” last week.
The filing confirms that the company added over 7,000 bitcoins to the vault at an average price of just over $ 59,000, bringing the total holding to 121,044 BTC ($ 6.93 billion).