Bitcoin’s Shaky Comeback: Will It Break $108K or Crash Again?
- Bitcoin rebounds to $105K after 4% drop on June 13.
- Sentiment Index drops below 50%, showing a bearish trader mood.
- Resistance near $108K; support at $104.7K must hold firm.
Bitcoin has climbed back above $105,000 at press time, but a deeper look at on-chain data suggests the recovery is fragile and lacks strong conviction from buyers.
Bitcoin had gained around 1% after the sharp drop on June 13th, when it fell by 4%, slipping below $104,000 as rising tensions in the Middle East caused panic across the crypto market and wiped out billions of dollars in value. While this small price recovery is a relief for investors, experts warn that the market still looks shaky.
A CryptoQuant analyst has observed that the Bitcoin Advanced Sentiment Index, a tool that tracks market mood, has dropped to around 46%. This is below the neutral 50% mark, meaning traders are leaning slightly bearish.
Bitcoin Stuck in a Range?
The index had peaked above 80% in early June when the market was much more positive. But even though Bitcoin’s price bounced from $103K to $105K, trading activity hasn’t picked up enough to fully support the move.
Related: Anthony Pompliano…
The post Bitcoin’s Shaky Comeback: Will It Break $108K or Crash Again? appeared first on Coin Edition.
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Bitcoin’s Shaky Comeback: Will It Break $108K or Crash Again?
- Bitcoin rebounds to $105K after 4% drop on June 13.
- Sentiment Index drops below 50%, showing a bearish trader mood.
- Resistance near $108K; support at $104.7K must hold firm.
Bitcoin has climbed back above $105,000 at press time, but a deeper look at on-chain data suggests the recovery is fragile and lacks strong conviction from buyers.
Bitcoin had gained around 1% after the sharp drop on June 13th, when it fell by 4%, slipping below $104,000 as rising tensions in the Middle East caused panic across the crypto market and wiped out billions of dollars in value. While this small price recovery is a relief for investors, experts warn that the market still looks shaky.
A CryptoQuant analyst has observed that the Bitcoin Advanced Sentiment Index, a tool that tracks market mood, has dropped to around 46%. This is below the neutral 50% mark, meaning traders are leaning slightly bearish.
Bitcoin Stuck in a Range?
The index had peaked above 80% in early June when the market was much more positive. But even though Bitcoin’s price bounced from $103K to $105K, trading activity hasn’t picked up enough to fully support the move.
Related: Anthony Pompliano…
The post Bitcoin’s Shaky Comeback: Will It Break $108K or Crash Again? appeared first on Coin Edition.
Read More
XRP and Bitcoin Both Show Bullish Signs, But for Very Different Reasons