Bitcoin Fear and Greed Index Displays Extreme Fear into 2023
- Friday left Bitcoin at $16,618, following a 0.24% decline.
- The NASDAQ and United States economic indicators dragged Bitcoin to yesterday’s lows before late revivals.
- The Fear and Greed Index confirmed bearishness towards the year’s end with a dip to 25/100 from 28/100.
The BTC Fear and Greed Index flashes another dip on the last day of 2022, following Friday’s bearishness. Meanwhile, market uncertainty will likely test Bitcoin buyers. Does that tell us anything about the upcoming year?
Friday’s session left Bitcoin 0.24% low at $16,618, slightly reversing Thursday’s 0.06% increase. Meanwhile, the bellwether cryptocurrency could not revisit $17K for the 10th successive session. BTC plunged to the $16,358 early afternoon lows following a bearish morning.
The world’s leading crypto surrendered the first reliable footing at $16,550 and the other at $16,443. Nonetheless, Bitcoin capitalized on NASDAQ’s support to climb toward the $16,667 late high before a brief dip. Unfortunately, the late rally could not propel Bitcoin past the initial enormous resistance region of $16,720.
NASDAQ Index and U.S Economic Indicators Deliver Mixed Session
The United States data sent the NASDAQ and Bitcoin into the red during Friday’s session, following the market response to Thursday’s jobless claim numbers. In addition, the Chicago PMI soared to 44.9 from 37.2 in December, triggering worries that the Federal could ensure an aggressive rate decision to cool inflation to targeted levels.
The cryptocurrency market followed the NASDAQ during the afternoon, dipping to session lows before recovering. Meanwhile, late revivals left the NASDAQ 0.11% down. Finally, economic recession fears and the Federal financial policy had the NASDAQ Index closing the year 33.5% lower, presenting the worst since 2008.
Today, there aren’t NASDAQ or economic indicators to trigger. Instead, the Fear and Greed Index and the absence of statistics might measure investor appetite as 2022 closes. Market participants should follow crypto news for possible events that may move the markets.
BTC Fear and Greed Dips Into Extreme Fear
The Bitcoin Fear and Greed Index slid to 25/100 from 28/100 today. That saw the index dipping into extreme fear, suggesting bearishness on 2022’s final day. The decline reflects the massive uncertainty into 2023.
Regulatory risks, bankruptcy filings, geopolitics, Fed, and recessions worries remain challenged that might crash Bitcoin further. Meanwhile, avoiding 20/100 remains essential in the near term. Bulls should aim for the 6 November 40/100 peak to support upsides to $20K.
BTC Price Action
Bitcoin stood 0.10% down at $16,602 during this writing. Range-bound movements dipped the crypto from $16,624 early morning peak to $16,601. BTC should clear $16,548 to open the door toward the first massive obstacle at $16,737.
Moving past the $16,667 Friday high would suggest bullishness for the leading cryptocurrency. Nonetheless, crypto-friendly news wires are essential to support breakouts. Continued surges might propel Bitcoin toward the hurdles at $16,857 before approaching the vital $17K.
It will meet the 3rd resistance zone at $17,166. Failure to clear $16,548 would expose the first support barrier at $16,428. Excluding risk-off plunges, Bitcoin should dodge the $16K value area. Nonetheless, the 2nd support area at $16,239 should halt the fall.
The third dependable support zone sits at around $15,930. Adverse cryptocurrency market events would see Bitcoin exploring sub-$16K. Meanwhile, Bitcoin indicators painted a bearish outlook. The crypto sways beneath the 50-d Exponential Moving Average at $16,720 – signaling pessimism.
