Keeping the $41,000 mark can catalyze an upside rally towards $43,000 today as BTC Fear and Greed Index continues northbound actions.
Bitcoin hovered beyond $41,000 yesterday following the 11.41% Friday’s surge. Securing support at $41K, with a fall to $40,963 day low, remained vital for the asset’s price reactions.
Tech stock rout over the past week and a weekend rebound triggered landscape change in the Bitcoin market. However, several negative factors remain for the broad cryptocurrency spectrum and BTC. They include changes in global cryptocurrency regulatory setting, geopolitical risks, Fed Reserve’s monetary policy, and increased Proof-of-Work consensus scrutiny.
Saturday sessions had BTC losing 0.41%, ending the day around $41,418. However, an early upswing around $41,954 had the crypto challenging the resistance zone of $42,000 before cooling into a somewhat range-bound move.
BTC Fear and Greed Index Still Rises
Bitcoin Fear and Greed Index maintain an upside stance regardless of yesterday’s modest decline. The Index hovered at 37/100 today morning after escaping the red region on Friday.
Remember, BTC’s Fear & Greed Index has remained within the red zone since late 2021 December. For now, it’s at the highest mark since December 28, when it stood near 41/100. Maintaining the upward move to 50/100 would back BTC’s move towards the $50K levels.
BTC Price Action
As news wires remain somewhat mute this weekend, market players may have to watch technical indicators for the day’s price movements. While writing this update, BTC traded at $41,564, following a 0.35% gain. Keeping the pivot level at $41,445 away may support an upswing towards Saturday’s peak of $41,956 before testing the $42,000 hurdle.
The first critical resistance stands at $41,927. Overcoming the $42K zone will see BTC hitting the 2nd crucial resistance zone at $42,436 before touching $43,000. Remember, BTC has never touched $43K since January 20.
However, a fall under the day’s pivot may secure the first massive support at $40,936. BTC can avoid $40K without continued sell-off. The 2nd reliable support of $40,454 should limit BTC’s downside. While publishing this article, the currency holds beyond the 200-day Exponential Moving Average at $40,700. Stabilizing above this zone is vital to prevent extended plummets.