Bitcoin Is Coming Out of 73 Days of Extreme Fear, but Don’t Make the Mistake of Giving In to FOMO.
The Bitcoin price is currently trying to turn $22.7K into support.
While the price of Bitcoin recently hit a local high of $24.2K, the market has just emerged from its longest period of extreme fear. It had been 73 days since the market was stuck in extreme fear following the Bitcoin Fear & Greed Index:
But don't give in to FOMO, fear continues to dominate the Bitcoin market today, but more and more investors seem inclined to give themselves a slight sigh of relief.
The 20% rise in the price of Bitcoin, even though there has been a pullback in recent hours following Elon Musk's announcement that Tesla had sold 75% of his Bitcoin, is the main reason for this temporary boost in confidence.
Not surprisingly, this rise in the price of Bitcoin has occurred in tandem with an exit from the Bear Market on the S&P 500, but also a slight decline in the DXY:
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