Bitcoin Escapes New Lower Low, But Market Sentiment Remains Negative
Bitcoin narrowly avoided making a new lower low on Monday night, which would have been a major setback for the cryptocurrency. Instead, it experienced a bounce back to $28,850, offering some respite to Bitcoin bulls. This respite could potentially allow Bitcoin to reclaim $26,000 and potentially kickstart a new bull market.
However, despite this temporary relief, the overall sentiment in the market and on social media continues to lean towards the negative. Ryan Selkis, founder and CEO of Messari, expressed his concerns about the current sentiment, stating that bear markets tend to last longer and go deeper than desired.
Meanwhile, the stock market remains strong, with the S&P 500 and Nasdaq both rallying. The gaussian channel for Bitcoin also flipped green from August, which could be a positive sign. However, the next few days will be crucial for Bitcoin’s future, as it needs to rally or risk entering a bear market.
Hot Take: Bitcoin Escapes New Lower Low, But Market Sentiment Remains Negative
Bitcoin managed to avoid a new lower low, providing temporary relief for Bitcoin bulls. However, the overall sentiment in the market remains negative, with concerns about the duration and depth of the bear market. The stock market, on the other hand, continues to perform well. The next few days will be critical for Bitcoin’s fate, as it needs to rally from its current levels to avoid a potential bear market. The crypto market’s performance may also serve as an indicator for the overall market outlook. All eyes are now on Bitcoin as it navigates through this crucial period.
By
By
By
By