Crypto sentiment turns positive, Bitcoin nears 200-day average

The Fear and Greed index, also known as the crypto world’s panic meter, is showing a positive level for the first time this year. With a value of 56 yesterday afternoon, investors are looking ahead again and counting on a further rise of the Bitcoin price.

Support

At the time of writing, Bitcoin is trading again at $77,500, after finding support around the $75,000 level yesterday already. The classic transformation from resistance to support points to positive momentum in the coming days as we head towards $80,000 (some claim $86,000), where the 200-day moving average and the support zone from late last year are located.

Globally, we clearly see that more and more money is flowing back into crypto. This is primarily because Bitcoin has managed to maintain a price above $70,000 for several weeks in a row now. That fact helps restore confidence among short-term traders who entered the market ever since the start of the conflict between Iran and the United States. It also reduces the risk of a quick capitulation.

The next important levels to watch are therefore around $80-$86,000, after which we could rise to $100k very quickly again. Note that geopolitical issues could once again throw a spanner in the works.