Bitcoin, Ether, XRP price bump pushes market sentiment to ‘Greed’

Sentiment among crypto marketplace participants has again turned bullish pursuing a humble terms summation successful respective large cryptocurrencies implicit the past 24 hours.

The Crypto Fear & Greed Index roseate to “Greed” connected Thursday with a people of 60 retired of 100, recovering from a driblet into “Neutral” the time before. It follows respective volatile days successful the crypto marketplace arsenic Bitcoin (BTC) fell to $112,000 implicit the play conscionable weeks aft hitting an all-time precocious of $123,100 successful mid-July.

Sentiment bump shows marketplace anticipates stability

The index’s instrumentality to “Greed” came arsenic Bitcoin roseate 1% implicit the past 24 hours, trading astatine $114,298, according to Nansen.

Bitcoin is trading astatine $114,298 astatine the clip of publication. Source: Nansen

The flimsy terms uptick, on with the bump successful sentiment, signals that marketplace participants presumption the humble summation arsenic a motion of stableness successful the adjacent term. 

Meanwhile, onchain analytics steadfast Glassnode said on Wednesday that profit-taking among Bitcoin Short-Term Holders — those holding for little than 155 days — has “cooled off.”

The broader crypto marketplace besides moved higher. Ether (ETH) posted gains of 2.37% implicit the past 24 hours to commercialized astatine $3,664 astatine the clip of publication, portion XRP (XRP) posted gains of 2.14% to commercialized astatine $2.97, and Solana (SOL) posted gains of 3.26% to commercialized astatine $167.38.

Analysts accidental Bitcoin connected for “bullish breakout”

The uptick successful sentiment was echoed done analysts’ commentary connected Thursday, with MN Trading Capital laminitis Michael van de Poppe saying connected X that “Bitcoin is backmost to absorption and consolidates here. This trial should apt bring the bullish breakout.”

Related: Crypto funds spot $223M outflow, ending 15-week streak arsenic Fed dampens sentiment

Crypto trader Galaxy said that the past clip Bitcoin saw akin volatility was successful November, earlier it climbed from astir $70,000 to $100,000 by Dec. 5 during a month-long rally pursuing Donald Trump’s US statesmanlike predetermination win.

Meanwhile, crypto trader Ted forecasted that Bitcoin could scope caller highs of $125,000 soon, noting that it would trigger $18 cardinal successful liquidations.

Magazine: Ether could ‘rip similar 2021’ arsenic SOL traders brace for 10% drop: Trade Secrets

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