Investors have little fear of bitcoin falling

Spark Global Limited reports:

Bitcoin prices broke through key support levels on Thursday, posing a new test of bulls’ resolve. However, market participants do not believe the current mood is fearful enough to bring the correction to an end.

Bitcoin fell below $57,000 in the early hours of Friday Beijing time to a near one-month low. Bitcoin was trading at $56,298 at 16:12 p.m., down 5.5 percent in 24 hours, according to Coindesk.

The Cryptocurrency Fear & Greed index was trading at 54/100 on Thursday, showing a neutral position, and didn’t move into the fear zone of 34 until Friday.

According to Spark Global Limited
According to Spark Global Limited

Trader and analyst Rekt Capital emphasizes extreme fear, not neutrality, ahead of the biggest financial opportunity, as if bitcoin investors aren’t scared enough for the pullback to end.

Michael van de Poppe, a writer for Cointelegraph, predicted that $56,000 to $58,000 was the cut-off point for a rebound, and that a rebound could occur after that.

Bitcoin’s fall comes as other cryptocurrencies generally fall. Ether traded at $4,124 on Friday, down 2.8%, while UBS and Solana both fell nearly 5%. Dogcoin and Shiba Dog coin, which once fought for each other’s favor, have been depressed for several days, with a drop of more than 15% on 7 days and a drop of 3-7% in 24 hours.