#Bitcoin Fear And Greed Index Turns Bullish: 10x Research Highlights Key Trade Strategy.
$$Event Risk And Market Movements#PEPE #altcoins #Write&Earn
The week ahead poses significant event risks, including the unlocking of $800 million in PYTH (CRYPTO: PYTH) supply on May 20 and another $340 million from AVAX (CRYPTO: AVAX) on May 21, according to a report from 10x Research.
Additionally, NVIDIA's Q1 2024 earnings report is set for May 22, and the final decision on VanEck's spot ETF application is due on May 23.
Betting markets currently suggest only a 7% chance for ETF approval. Bitcoin is expected to experience a 4% price swing either way by week’s end.
Bitcoin’s price action has shown notable improvement, rebounding towards the late April resistance zone of $67,500 and surpassing the early May highs of $64,000.
A breakthrough above $67,500 could potentially lead to new all-time highs.
The report’s author Mark Thielen noted, “Our $68,300 ‘line-in-the-sand' is back in focus, as a move above could technically set off a strong rally.”
Bullish Indicators And Market Sentiment
The Bitcoin Fear & Greed Index briefly traded below 10%, a level typically associated with tactical lows in a bull market. The moving average of the index is rebounding, which could indicate a prolonged rally.
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Thielen explained, “More importantly, the moving average is rebounding, which lasts for weeks or even months. Hence, a prolonged rally might occur.”
Despite the bullish sentiment, Thielen acknowledges the current market challenges.