- Despite the correction up to $ 100k, sentiment was not overly anxious
- Analysis showed that a dip up to $ 92.5K is possible if the real value Gap fails as a demand zone
Bitcoin’s [BTC] Price decrease from almost $ 112k to $ 101.3k, at the time of writing, the market sentiment saw itself turning around to fear.
Although the statistics on the chains carefully reflected optimism, Bitcoin and the wider crypto market in fact lacked strength.
The aforementioned lectures underline greed last month, but they have recently become neutral and anxious.
Although it takes care of it, sentiment is not as bad as what was seen in April. At the time of the press, the anxiety and greed index showed that participants did not expect any deeper corrections. Could that be the reason why we will then witness a drop to $ 92k?
Are the fear of fear and greed index trends warning investors?
The Bullish sentiment continued to exist for almost two months. However, it has recently sunk to neutral levels.
It can also start to look like March. A persistent decrease under the range of $ 98k- $ 100k could shift the sentiment even more ground.
Source: BTC/USDT on TradingView
A technical analysis of the weekly graph showed that the range of $ 97.9k- $ 100.7k (white box) is a real value gap. It is expected that it will serve as a support in the coming days. It has already been defended during the price fall in the weekend.
Further Fud in the traditional markets could pave the way for a bitcoin under $ 98k. As things are out now, the bullish bias remains after the break in the market structure in May.
The Fibonacci racement levels emphasized $ 93.2k, $ 88.8k and $ 82.5k as support levels in case $ 98k is handed over to the bears. Moreover, the OBV did not emphasize the overwhelming sales pressure on the weekly graph.
The 6-month liquidation heating showed that $ 92.6k would be an attractive price target. In the light of the uncertain macro -economic situation, a correction of up to $ 94k can be possible. The liquidity cluster can also lower the price.
Investors and traders must be wary. A bullish reversal of $ 100k can be difficult without a significant question. The market structure on the 1-day graph has already turned around. As soon as sentiment is sufficiently anxious, Bitcoin can start recovering.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer