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- Santiment tweeted today that BTC continues to hover above $30K despite a recent increase in trader FUD.
- The tweet stated that increases in FUD have historically been a positive sign for the market.
- BTC’s price is currently trading at around $30,131.33 after a 0.66% rise in the last 24 hours.
The blockchain analytics firm Santiment (@santimentfeed) tweeted this morning that Bitcoin (BTC) continues to hover above $30K today. The tweet added, however, that traders are beginning to show signs of FUD.
#Bitcoin still hovers above $30k as markets transition to Thursday. However, traders are beginning to show signs of #FUD. Historically, this is a good sign for patient #bulls, as markets typically move the opposite direction of the crowd's expectation. https://t.co/pX7iqe6O2h pic.twitter.com/MuuKbJ8siw— Santiment (@santimentfeed) April 13, 2023
According to Santiment, this has historically been a good sign for patient bulls since markets typically move in the opposite direction of the crowd’s expectation. At press time, BTC’s price is currently still trading above the $30K mark at $30,131.33 according to CoinMarketCap.
In addition, BTC’s price has climbed 0.66% over the last 24 hours. Today’s trading session also saw the market leader’s price drop below $30K to set a 24-hour low of around $29,725.57. Meanwhile, the crypto’s daily high stands at $30,462.48.
Daily chart for BTC/USDT (Source: TradingView)
Technical indicators on BTC’s daily chart are currently bullish. The 9-day EMA line continues to trade above the longer 20-day EMA line, which suggests that BTC’s price has entered a short-term bullish cycle and may continue to rise in the next 24-48 hours.
Furthermore, the daily RSI line is trading above the daily RSI SMA line and is currently at around 70.69. Therefore, there is still some room for BTC’s price to climb before it enters into extreme overbought territory. Lastly, there is also a bullish chart pattern present on BTC’s daily chart which adds credence to the bullish thesis for the leading crypto.
BTC’s price is, however, approaching a strong resistance level at $33,300 which it will need to overcome before a medium- to long-term long position can be justified. Nevertheless, there is still an opportunity for traders to make an approximate 10.5% gain before BTC’s price reaches this level.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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