Cryptocurrency News

Bitcoin price is down, Fidelity says crypto market exits out of ‘extreme fear’


bitcoin (B T c) has already hit its price lows, with one of the industry’s top executives believing BTC price action to stay above $40,000.

In Tweet On June 14, Jurian Timmer, director of global macros at American multinational financial services corporation Fidelity Investments, called for timing on a further decline in the bitcoin price.

bitcoin bulls build confidence

BTC/USD held higher on Monday after rising above the $40,000 resistance level. The mood has turned broadly positive, with traders yet to meet their $47,000 push forecast fresh high-profile praise By the likes of Elon Musk and Paul Tudor Jones.

For Timmer, it’s time to look higher, if not lower, when it comes to charting bitcoin’s next move.

“In my view, it looks like that’s down,” he said succinctly.

Timer uploaded a chart comparing BTC/USD with the GS Retail Preferred Basket, a relationship that highlights similar local bottom formations.

GS Retail Preferred Basket vs BTC/USD chart. Source: Jurian Timmer / Twitter

Fidelity has increased its bitcoin activity in recent days, released to apply a dedicated analytics platform and even launch An exchange traded fund (ETF). US regulators began investigating the application in late May.

Fear and greed erase feelings

Meanwhile, another aspect of the cryptocurrency that is back near 40 is the crypto fear and greed index – A classic sentiment gauge that adds to the bullish mood.

related: A bitcoin indicator with a ‘perfect’ history just told you to buy dips

After hitting its lowest level in more than a year in a recent week, fear and grease has rebounded to 38/100 – approaching neutral territory.

The index uses a basket of sentiment measures to determine whether traders are overly bullish or bearish at a certain price, and therefore whether the token is oversold or vice versa due to sell-off.

Crypto Fear and Greed Index as of 15 June. Source: alternative.me