Bitcoin (BTC), the world’s largest cryptocurrency in terms of market capitalization, is currently in the revision stage. Since 2021, it has been the most stressful correction stage for Bitcoin ($BTC). The entire Crypto community is hoping that the biggest digital currency will soon come out of the revision phase and head towards a new bull run.
$btc sma30d’s fear and greedy index recovers and reaches 40% level
Cryptocurrency traders have analysed the current behavior of King Cryptocurrency and concluded that the coin has entered the most stressful revision phase. It happened in 2021 when China imposed a ban on cryptocurrency mining.
While analyzing the fear and greedy index of Bitcoin ($BTC), traders have discovered that the average $BTC fear and greedy index SMA30D can begin to recover and somehow reach the level of 40%, as shown in the chart above shared by Crypto Trader. The average SMA30D can reach a level of maximum greed if increased twice.
Bitcoin ($btc) horror and Greek indexes usually predict market sentiment in the crypto community. Extreme fear represents a purchase opportunity for traders, while extreme greed indicates that the market is expected to make corrections. According to the current $BTC fear and greedy index, the world’s largest digital currency score on the index is 56, indicating greedy.
Does BTC expect to overcome the next resistance?
The price value of Bitcoin ($BTC) is currently hovering around a figure of $94,000, with a negative change of 0.56% over the last 24 hours. King Crypto has failed to surpass the $96 major resistance level, which is restricting him to hit a $100,000 milestone again.
With the recovery at the SMA30D index, the price value of BTC could overcome the next important resistance in the coming days, when we may see the coin witnessing massive profits.
