The price of Bitcoin remained under pressure below the 50 -day mobile average as the fear and greed index remained in the fear zone.
Bitcoin (BTC) It was quoted at $ 84,000 on Monday, just below the key resistance level at $ 85,000. This price is approximately 13.4% above its level below this month.
The movement of the currency followed the decision of Donald Trump of Exempt certain elements as smartphones and other electronic products of recently announced rates. While the actions initially increased after the news, much of those profits were deleted later. The Nasdaq 100 index, for example, increased only 90 points after increasing more than 500 points.
A key reason behind Bitcoin’s low performance is that the feeling of investors is still cautious. Many merchants continue to remain on the sidelines. Spot Bitcoin ETFS registered exits of more than $ 713 million last week, after losses of $ 172 million the previous week.
The cryptographic fear and greed index traced by CoinmarketCap remains in the “fear” area at 27, while the CNN money index is even lower in the “extreme fear” area in 21. Historically, these levels indicate a risk of risk of risk, with less investors willing to assume the exhibition during the uncertain conditions.
Meanwhile, Futures’s open interest has moved sideways in recent days. According to Coinglass, the open interest remains stuck at $ 56 billion, which reflects continuous weakness in the demand for futures and the sentence of merchants.
Bitcoin price technical analysis
The daily chart shows that Bitcoin remains under pressure. Price Action has stagnated around $ 84,400, a key level just below the exponential mobile averages of 50 days and 200 days. A possible crossing of these two indicators could form a cross of death, a bearish technical sign that suggests a greater inconvenience.
Bitcoin also continues to operate below a line of descending trend that connects Swing’s main maximums since January 20. It is currently close to the lower limit of its negotiation range, as defined by the Murrey Math lines.
Given these signals, there is a risk that BTC can resume its downward trend, with sellers potentially pointing to the recent double bottom support at $ 76,800. However, this bearish perspective would invalidate whether Bitcoin is broken above the descending trend line and both mobile averages. A sustained movement above these resistance points would also deny the cross configuration of death and aim at a possible bullish investment.