Hassan Maishera
TL;DR
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Bitcoin continues to trade around the $26k level following the price decline last week.
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The fear and greed index has decreased as the broader crypto market continues to underperform.
Bitcoin Still Trading Around $26k
Bitcoin, the world’s number one cryptocurrency by market cap, has maintained its value around the $26k level. The coin is down by less than 1% in the last 24 hours and currently trades at $26,025 per coin.
The market has been stable since the start of the week following last week’s crash. The bearish trend last week was the biggest loss recorded by Bitcoin since November’s tumble following FTX’s collapse.
Bitcoin bulls continue to defend the support level just above $25k. However, the momentum isn’t strong to push BTC past the next major resistance level, close to $28k.
The Fear & Greed Index, a measurement that categorizes bitcoin sentiment from extreme fear to extreme greed, has declined in recent days. Earlier this month, the index was above 50, indicating that there is a certain amount of greed among investors.
However, the Fear & Greed Index currently stands at 34, indicating that the sentiment has mostly shifted towards fear following last week’s price crash.
With Bitcoin still underperforming, the broader crypto market remains in the red. The total cryptocurrency market cap stands at $1.05 trillion, down by less than 1% in the last 24 hours.
Ether, the second-largest cryptocurrency by market cap, has also lost 1% of its value in the last 24 hours and is currently trading at $1,662 per coin.
