Ahead of Bitcoin options expiry, the cryptocurrency fear and greed index moved into greed territory. Bitcoin The price on Wednesday was trading at $30,392 and has remained at that level for the past few days. That price is a few points below the year-to-date high of $31,478. At its peak, the coin rose more than 104% from its 2022 lows.

Fear and greed indicators point to greed

The crypto fear and greed index has rebounded strongly over the past few weeks. Moved from 41 in the Fear Zone to 62 in the Greed Zone. This means that the recent impact of his ETF news has made investors moderately greedy. The latest bitcoin news came on Tuesday when Fidelity announced it had submitted an ETF proposal to the SEC.

Investors believe spot ETFs will lead to increased demand for Bitcoin from institutional investors. Still, this view should be taken with a grain of salt as the ProShares Bitcoin Strategy ETF (BITO) has enjoyed modest growth over the past few years. It currently has approximately $1 billion in assets. BITO tracks Bitcoin futures, but has a close correlation with Bitcoin itself.

The fear and greed index shows further upside potential for Bitcoin as investors tend to buy Bitcoin when there is greed in the market. Presumably, these gains will come before or after the Bitcoin options expiration scheduled for this Friday.

Data show that most of these options are calls with strike prices around $30,000. This explains why bitcoin has barely moved this week.

Bitcoin price prediction

A good technical analysis can help you predict the next price move for cryptocurrencies and other assets. Looking at the daily chart, we can see that Bitcoin is fluctuating at the 50% Fibonacci retracement level. This is an important level for traders to pay attention to.

At the same time, April 14th was the highest, so this is an important price. Most importantly, the coin is forming what looks like a bullish pennant pattern. Therefore, with buyers targeting the next critical level of $35,000, the price could make a bullish breakout soon. This price is about 15% higher than current levels. A break above this level will result in a jump to the next resistance point of $40,000.

By Jules

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