Bitcoin Hits $50K Again as Market Sentiment Enters “Greed” Mode
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Bitcoin (BTC) has touched the critical $50K mark for the first time since September 7, when El Salvador officially adopted the benchmark cryptocurrency as a legal tender alongside the dollar.
That said, with the renewed bullish bias, the Crypto Fear and Greed Index shows that Bitcoin market sentiment is at “Greed” levels. According to a recent tweet from the official Twitter handle of the analytics platform (@BitcoinFear): “Fear and Greed Index is 59—Greed Current price: $49,482.”
At press time, BTC trades at 49.99K after peaking at $50,200 on TradingView, following a drawn-out battle for the $50K mark.
After posting a decent recovery from the El Salvador-induced sell-off, BTC suffered another wave of bearish pressure due to the financial market panic triggered by the Evergrande real estate crisis. The primary cryptocurrency received another blow shortly after following a reiteration of a crypto ban in its jurisdiction by the Chinese government.
All these, and many others, pushed BTC into “extreme fear” territory in late September, as it fell to the $40K mark. However, that level marked the bottom of the sell-off for the primary cryptocurrency.
Bitcoin has now gained over 20% in the past seven days, with “Uptober” living up to its babe so far.
Key Bitcoin Levels to Watch — October 5
As mentioned earlier, BTC has re-emerged above the $50K level amid a resurgence of bulls. Asides from the “greed” factor presented in this article, another indication of an imminent correction are our daily MACD pointer.
Our MACD indicator shows that BTC is approaching overbought territory at the 1192.23 line, which could send the price on a free-fall correction to $48K soon. However, BTC still has room to touch the $51.4K resistance before this proposed correction kicks in. Nonetheless, our overall bias remains bullish above $48K.
Meanwhile, our resistance levels are at $50,500, $51,400, and $52,500, and our key support levels are at $49,500, $48,500, and $48,000.
Total Market Capitalization: $2.20 trillion
Bitcoin Market Capitalization: $944.2 billion
Bitcoin Dominance: 43.1%
Market Rank: #1
