Bitcoin

The price of Bitcoin continues its upward movement by maintaining a strong stance above the support zone mentioned in the analysis. However, maintaining sustainability above certain levels and preserving important support points becomes important.

Bitcoin price has been trading within a stable price range for the past two days; what do current metrics say about the future of BTC?

Crypto Capo, a renowned cryptocurrency analyst, recently shared his insights on the possibility of a bear market scenario in the crypto market.

A recent report reveals that the Bitcoin Fear and Greed Index, provided by Matrixport, has reached a level of over 90%. This index, which measures the emotions of fear and greed in the cryptocurrency market, has experienced a significant increase from its previous position of 10% just 10 days ago. According to historical data, levels above 90% suggest that the market may be reaching a local peak, while levels below 10% indicate a potential bottom. This indicates that Bitcoin may consolidate at these levels before further upward movement.

The BTC/TRY pair is on the verge of reaching an all-time high if it experiences a 13.70% increase from its current level. This surge is primarily due to 1 Tether (USDT) surpassing 25 Turkish Lira, which has caused significant volatility in the BTC/TRY pair. Additionally, the recent policy interest rate announcement has triggered fluctuations in exchange rates, further affecting the BTC/TRY pair.

A senior analyst at Bloomberg, Mike McGlone, has suggested that Bitcoin's bullish trend will not last long and has provided reasons for his claim.

While factors such as ETF applications have been suggested for Bitcoin's recent rise, TUSD stablecoin may have made a significant contribution.

When analyzing Bitcoin's technical chart, it can be observed that the price is moving above the $30,300 level and if it surpasses the $31,000 resistance, the upward movement could accelerate. However, support and resistance levels should be carefully monitored.