The last 48 hours saw an intense bearish campaign as some cryptocurrency that was once a recovery path took a bearish turn. The turn is as a result of FUD that was met with much concern by investors.
The situation does not seem like it is ending soon as various indicators are displaying more cause for worry. For example, the fear and greed tilted towards fear and was displaying 31 as of the last 24 hours. As of the time of writing, the indicator has sunk even more as it is displaying 28.
During the last 24 hours, BTC traded between $47,301 and $50,958. Recording gains of more than 1% in the last 24 hours. Both trading factions had their time as the last 24 hours was filled with mixed sentiments.
Mixed market sentiment will also trail today’s price actions. In one of Coinfomania reports, many Twitter influencers debunked Elon Musk claim of halting Bitcoin payments due to energy consumption.
With major influencers debunking the claim, FUD will reduce and BTC will be back on a bullish path. Prices may finally trade comfortably above $51,000. On-chain data also agree with the above projection.
As of press time, on-chain analysis shows a decrease in bears as the bulls are gaining. The whales are still holding on to their bags, while some are buying the dip.
One such is MicroStrategy as Coinfomania reported during the last 24 hours that the company stated that it has purchased a total of 271 bitcoins worth $15 million in cash, at an average purchase price of $55,387 per unit, including transaction fees and other expenses. This news will boost investors confidence in the digital asset.
As of the time of writing, BTC is trading above the second pivot support at $50,300. The next aim is at the first support at $54,300. If crypto’s largest coin sees a massive surge the weekend, the week may close trading above the first pivot support.
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