Bitcoin Fear and Greed Index Drops Despite Bullish BTC

  • Monday saw BTC gaining 2.96$ to close the session at around $19,632.
  • United States economic indicators offered risky assets much-required support, with hawkish Fed bets easing due to ISM Manufacturing components data.
  • The BTC Fear and Greed Index slumped to 20/100 from 24/100, regardless of Bitcoin’s bullish session.

Monday’s session saw Bitcoin gaining 2.97% to reverse Sunday’s 1.29% slide. That saw Bitcoin closing the day near $19,632. However, Bitcoin failed to reclaim the $20K mark for the 3rd successive session, regardless of the bullish wave. Early bearishness dropped the crypto to $18,980. However, the final hour witnessed Bitcoin climbing to $19,708.

Bitcoin overcame the initial massive resistance at $19,328 and the 2nd hurdle near $19,588 to close Monday at $19632. Also, Federal fear subsided yesterday, with the United States ISM Manufacturing PMI & sub-components easing 75pb rate hike bets.

The ISM PMI declined to 50.9 from 52.8 in September. The expanding sector had the sub-components and employment easing bets of another 75bp Federal hike. Meanwhile, the employment index dropped to 48.7 from 54.2, whereas the New Orders metric slid to 47.1 from 51.3.

NASDAQ 100 reacted to these figures with a 2.27% uptick. NASDAQ 100 Mini gained 56.25 points early yesterday. Today saw the Fear and Greed Index dipping to 20/100 from 24/100. Investor sentiment could not shift despite a bullish Bitcoin session, and the Index plunged further into the ‘extreme’ fear region.

Bitcoin failed to regain $20K for a 3rd successive session, potentially denting investor sentiment. Today’s NASDAQ 100 Mini bullishness could not boost. Nevertheless, the Index avoided sub-20/100. And it may need to ensure that for a bullish sentiment shift. A drop to sub-20/100 would mean a Bitcoin plunge to sub-$18K.

BTC Price Action

BTC traded at $19,074 during this publication, losing 0.57% within the past day. A choppy start saw Bitcoin climbing to a $19,730 morning high before slumping towards $19,502. The crypto should avoid pivoting at $19,440 for an upside towards the initial resistance at $19.9K before regaining $20,000.

A move past today’s $19,730 morning high would confirm a bullish wave. That can see Bitcoin climbing towards the $20,896 resistance.

Stay tuned for upcoming crypto news.

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