Bitcoin market ditches “extreme fear”
Data from Cointelegraph Markets Pro and TradingView captured a classic rally for BTC/USD on hourly timeframes, gaining $2,000 in a single one-hour candle.
The pair had hit daily lows of $48,656 on Bitstamp before a dramatic trend change brought back the psychologically significant $50,000 level.
As positive signals began to emerge from well-known names on social media, sentiment likewise felt the benefit, exiting “extreme fear” for the first time since Dec. 3’s crash below $42,000.
Popular trader Rekt Capital, who earlier eyed healthy behavior on the weekly chart, meanwhile added that BTC price action could be mimicking its recovery seen during September’s major dip. This involved acting between two exponential moving average (EMA) lines.
“Bitcoin may be repeating a consolidation period it also experienced following its May 2021 crash,” he tweeted.
