Bitcoin [BTC]: This Is Getting Complicated For Crypto...

Michael Pizzino

Market Sentiment and Trends

The market is experiencing a period of sentiment reset after extreme levels of emotion in recent months. Sentiment resetting refers to the process of the market stabilizing after excessive periods of greed, hope, and euphoria.

Key Indicators

  • FOMO Finder: Suggests that sentiment needs to reset a bit more before marking a final low.
  • Fear and Greed Indicator: Showing consistent greed at around 43, one of the lowest readings in a while, indicating sentiment is starting to reset.
  • 24-hour Volume: Increased by about 37% in the last 24 hours, a positive sign for sustainable trends.
  • Long Short Ratio: Sitting at around 49.2% long versus 50.8% short, not giving any clear leads.
  • Liquidations: At very low levels, around $226 million in a 24-hour period, indicating a need for larger spikes to confirm pivot points.

Market Data and Announcements

  • Daily Exchange Volume: Showing indecision with lower lows and higher highs, requiring higher lows above $85-95 billion per day for confident sustainable moves.
  • Upcoming Announcements: Fed Jerome Powell testifying, core CPI numbers, PPI, unemployment claims, and retail sales, which may lead to increased volatility.

Bitcoin Charts

  • Weekly Timeframe: Support found at the expected area, with the trend line acting as significant resistance and support.
  • Macro Trends: Remain up on the monthly and one-week timeframes, indicating bulls are still supporting prices at higher levels.
  • Daily Timeframe: Trends remain down, with a need for trend changes above $100,500 to confirm a low is in.

Conclusion

The market is in a period of sentiment reset, with various indicators suggesting a need for further resetting before a final low can be confirmed. Upcoming announcements may lead to increased volatility, and Bitcoin charts show support at expected areas with macro trends remaining up. A deep dive into macro and short-term trends in Bitcoin, altcoins, and meme coins will be provided in future updates.