Welcome back,
Bitcoin is rocking, we saw it touching the 69k mark and how interesting that was if you were looking at the market at that time. But in just few hours the market traced back and gave us a blood bath or maybe a mini blood bath and bitcoin came down to 59k.
That was the dump of 14.4% and this was in bitcoin, for any other token this can be normal but for bitcoin a dump as big as 10k dollars is not a normal thing and I personally consider it as a mini blood bath.
The market has recovered and now bitcoin has reached the 65k mark once again, I think it is near to 66k at the time of writing this blog. Let us have a look at the chart for bitcoin below.
As you can see in the screenshot shared above, the bitcoin recovered and brings a question in our mind if that was a fake dump? So, it is important to learn that the market has already entered the bull trajectory. In one of my recent blogs I also told that this range of bitcoin is highly volatile.
But let us look at the Greed Index for Crypto now.
The market indicates greed for the current market situation, This is when the market got dumped yesterday and recovered a little but do you when bitcoin was 69k dollars what was the index showing?
That's what the index was showing at that time and tell me when was the last time you saw fear and greed index at that point? 90 is not a joke and that is why the market was expected to be dumped yesterday. Maybe thought that bitcoin will cross the ATH and create a new one.
That is when the whale played and weak players were eliminated easily. Will there be a dump again? I think yes there will definitely going to be another dump that will take the market below 55k.
Maybe before the halving we will see that as well.
Thank you and happy trading, or maybe I should say safe trading everyone.
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