Fun

Crypto Market Remains Greedy Despite Bitcoin Price Crash To $94,000, Is A Recovery Coming?

News Feed - 2024-12-29 06:12:37

Este artículo también está disponible en español.


You could argue that the cryptocurrency market maintains its confidence despite the Bitcoin price experiencing a significant drop to $94,000. Although price action says otherwise, this confidence is highlighted through various predictions from crypto analysts on social media and on TradingView, which cuts across various cryptocurrencies.


Amidst the price decline and market optimism, the Crypto Market Fear and Greed Index continues to point to greed, which leans toward the idea of a momentary dip before a broader recovery. Bitcoin Price Crash Stalls Bullish Momentum


The crypto industry has largely exhibited bullish momentum throughout 2024, with many cryptocurrencies reaching new multi-year highs. This momentum was led by Bitcoin, which broke through its 2021 all-time high of $69,000 in the middle of 2024 to eventually break abovethe $100,000 psychological level for the first time on December 5. Related Reading Historical Data Shows What To Expect From Ethereum Price In Q1 2025 – It’s Very Bullish 1 day ago


However, Bitcoin’s price action since crossing over the six-digit price threshold has been mostly full of corrections.Although it peaked at $108,135 on December 17, the past 12 days or so have been highlighted by price declines. Notably, Bitcoin has corrected as lowas $92,600 in the past seven days, essentially leading to a cascade of declines among other cryptocurrenciesand stalling the bullish momentum.


Bitcoin’s descent has surprised many crypto traders, considering its strong rally in recent months. Analysts attribute this correction to profit-taking by a few long-term holders and a temporary slowdown in market activity.  Crypto Market Sentiment Stays In Greed


Despite recent price declines,  HODLing trends suggestthat the cryptocurrency market remains on track to sustain its rally into 2025. This sentiment is reflected in the Fear and Greed Index, which continues to hover in the greed zone, signaling confidence among investors. The index is derived from a combination of key metrics, including market volatility, trading volume, social media sentiment, Bitcoin dominance, Google search trends, and surveys. Each component is carefully weighted to gauge the market’s psychological state. Related Reading Bitcoin Price Retests Support Line After Crash Below $95,000, Here’s The Next Target 23 hours ago


At the time of writing, the Crypto Fear and Greed Index, according to alternative.me,is at a reading of 72, which is in the Greed threshold. This relays investor confidence across the various market indicators and suggests that traders perceive the dip as a buying opportunity rather than a cause for panic. Source: alternative.me


This greed sentiment is relayed through a few buying trendsacross notable cryptocurrencies. For example, on-chain data from crypto analytics company Santiment shows that Dogecoin whales have bought over 90 million DOGE tokens in the past 48 hours. With this in mind, analysts are optimistic about a broader market recovery in the coming weeks. Technical indicators point to a rebound led by Bitcoin if it can continue to hold above support levels around $92,000. 


  Source: Santiment


At the time of writing, Bitcoin is trading at $94,400 and is down by 12.8% since it reached $108,135 on December 17. According tocrypto analyst Ali Martinez, such corrections (between 20% and 30%) are the best thing to always happen to Bitcoin in every bull cycle. BTC pushes for $95,000 | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

News Feed

Binance Now Fully Licensed by Central Bank of Bahrain to Offer Crypto Services
Binance Now Fully Licensed by Central Bank of Bahrain to Offer Crypto Services Cryptocurrency exchange Binance has announced that it has received a full license from the Central Ba
Amaka Nwaokocha10 hours agoAI and real-world assets gain prominence in investor discussionsDiscussions concerning cryptocurrency prices have waned due to a prolonged period of sideways market performance.2963 Total views
5 Major Banks Exposed for Moving Trillions for Mobsters, Onecoin, and Drug Cartels
5 Major Banks Exposed for Moving Trillions for Mobsters, Onecoin, and Drug CartelsAccording to the International Consortium of Investigative Journalists (ICIJ), five major global ba
Kentucky Sends Cease and Desist Order to Crypto Lending Platform Celsius Over Interest-Bearing Accounts
Kentucky Sends Cease and Desist Order to Crypto Lending Platform Celsius Over Interest-Bearing Accounts Six days ago, the securities regulators from New Jersey and Texas cracked do
Tron’s USDD Regains Stability After Tapping an All-Time Low at $0.92
Tron"s USDD Regains Stability After Tapping an All-Time Low at $0.92 Between June 13 and June 27, or roughly two weeks, Tron’s stablecoin USDD dropped lower than the $1 pari
Bitcoin miner TeraWulf is open to merger but not for ‘empire building’
Brayden Lindrea7 hours agoBitcoin miner TeraWulf is open to merger but not for ‘empire building’Expanding the number of Bitcoin machines or facilities “makes no sense” if profitability margins don’t increase, T
Bitcoin’s Four-Month Bear Trend Intact Even After 16% Price Rise
View Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week. Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case w
Ethereum median gas price hits 5-year low
Jesse Coghlan3 hours agoEthereum median gas price hits 5-year lowThe median price to send an Ethereum transaction hit 1.9 gwei over the weekend, with low-priority transactions priced even lower.1196 Total views1 Total sh
Styx Stealer malware exploits Windows vulnerability to ‘clip’ crypto
Derek Andersen2 hours agoStyx Stealer malware exploits Windows vulnerability to ‘clip’ cryptoStyx Stealer steals data and can reroute crypto transactions coming from an infected computer to the bad actor’s wallet.3
Crypto voters could cost Harris the US election, warns SkyBridge founder
Marco Castrovilli7 hours agoCrypto voters could cost Harris the US election, warns SkyBridge founderAccording to Anthony Scaramucci, crypto voters could swing the elections in favor of pro-crypto candidate Donald Trump.5
Ray Salmond3 hours agoBitcoin’s cycles are changing — Bloomberg analyst Jamie Coutts explains how and whyThis week’s episode of Market Talks discusses how Bitcoin cycles are changing and how it could impact the upc
History of Crypto: NFT mania and digital ownership
Zhiyuan Sun9 hours agoHistory of Crypto: NFT mania and digital ownershipBetween 2020 and 2021, the development of nonfungible tokens saw significant growth and billion-dollar expansion across various sectors.3920 Total v