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Bitcoin: Back to Extreme Greed at $65K

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Bitcoin: Back to Extreme Greed at $65K

Bitcoin (BTC) has started the week with bullish sentiment as it reaches $64,000. The price has made a strong comeback, gaining nearly $8,000 from last week’s lows. The gains have proven to be sustainable, with bears unable to push the market back down during the Asian trading session on May 6. The second week of May has a considerably different mood, but there are signs of increasing greed in the market. Traders and analysts are wondering if Bitcoin and altcoins can maintain momentum towards all-time highs after a period of lows and a significant decrease in leverage.

On exchanges, things are looking promising. Funding rates are neutral, and there is not a strong desire to long BTC at current levels. If things take a turn for the worse, key support levels, such as the short-term holder cost basis and 100-day moving average, will be tested. These levels have historically been reliable bounce points.

Bitcoin bulls had a successful weekend, with the price holding strong and closing the week at around $64,000. This represents an impressive return to form, especially considering the drop to $56,500 during the week. Market observers are cautiously optimistic about the current situation. Bitcoin has swept away previous lows and gained upside momentum going into the next week.

BTC/USD is up 5.8% in May so far, reducing overall losses for the second quarter to less than 10%. The current price levels are crucial, with $60,000 acting as a significant support level for Bitcoin. Retail investors have not yet joined the market, so this range is seen as stable as long as Bitcoin remains above $60,000. Altcoins are also slowly starting to gain momentum.

The upcoming week is relatively quiet in terms of macroeconomic data, but recent events have given traders enough to monitor. The latest US employment figures have provided a boost to risk assets and have increased the likelihood of the Federal Reserve lowering interest rates. The weakening US dollar has also played a role in Bitcoin’s recent rebound. There is speculation about the return of quantitative easing, which would increase liquidity in the market.

Derivatives markets are currently calm, with neutral funding rates for Bitcoin. This could be a reflection of speculators recovering from recent losses. The Crypto Fear & Greed Index has shifted from neutral to greed, indicating an increase in positive sentiment towards Bitcoin. The index is a lagging indicator and should be observed with caution.

Bitcoin’s mining difficulty is expected to decrease by around 1.3% in the next automated adjustment on May 9. Despite this, mining difficulty and hash rate are at all-time highs, indicating the resilience of miners despite market volatility.

Bitcoin has made a strong recovery and shows potential for further upside momentum. Traders and analysts will be closely monitoring key support levels and market sentiment to determine if sustainable momentum towards all-time highs is achievable.

20 thoughts on “Bitcoin: Back to Extreme Greed at $65K

  1. Traders and analysts can monitor all they want, but they can’t change the fact that Bitcoin is a speculative bubble.

  2. Overall, Bitcoin has shown a strong recovery and has the potential for even more upside momentum. Traders and analysts will be closely watching key support levels and market sentiment to determine if sustainable momentum towards all-time highs is possible.

  3. Bitcoin is on fire! The price reaching $64,000 is incredible! It’s amazing to see the gains it has made, nearly $8,000 from last week’s lows. The bulls are back in action and showing their strength. The Asian trading session on May 6 proved that bears have no chance against Bitcoin’s momentum.

  4. Decreasing mining difficulty? It’s just a temporary band-aid. Bitcoin’s fundamental flaws will catch up eventually.

  5. Greed in the market? That’s all Bitcoin is about. It’s just a get-rich-quick scheme.

  6. BTC/USD is up 5.8% in May so far, which is reducing overall losses for the second quarter to less than 10%. That’s a great recovery! The current price levels are crucial, with $60,000 acting as a significant support level for Bitcoin. As long as it remains above that, stability is expected. Altcoins are also starting to gain momentum, and that’s exciting to see!

  7. Despite Bitcoin’s upcoming automated adjustment on May 9, where mining difficulty is expected to decrease, the resilience of miners is impressive. Both mining difficulty and hash rate are at all-time highs, showing the strength of the Bitcoin network even during volatile times.

  8. The US dollar weakening is not a good sign for Bitcoin. It’s all interconnected and when one falls, they all fall.

  9. Bitcoin’s gains are never sustainable. It’s just a bubble waiting to burst.

  10. Bitcoin bulls had an amazing weekend! The price held strong, closing the week around $64,000. It’s a remarkable return to form, especially after dropping to $56,500 earlier in the week. Market observers are cautiously optimistic, and it seems like Bitcoin has gained significant upside momentum going into the next week.

  11. The derivatives markets seem calm at the moment, with neutral funding rates for Bitcoin. It’s a sign that speculators are recovering from recent losses and gaining confidence in the market. The shift from neutral to greed in the Crypto Fear & Greed Index is another positive indicator for Bitcoin’s sentiment. However, we should still be cautious and not rely solely on this index.

  12. Quantitative easing? Just another way to artificially prop up Bitcoin and create a false sense of value.

  13. The second week of May is off to a different start, but it’s not necessarily a bad thing. There are signs of increasing greed in the market, which means more positive sentiment towards Bitcoin. Traders and analysts are eagerly awaiting to see if this momentum can push Bitcoin and altcoins to new all-time highs.

  14. Altcoins gaining momentum? Who cares? They’re just riding on Bitcoin’s coattails.

  15. Sustainable momentum towards all-time highs? I highly doubt it. Bitcoin’s glory days are long gone.

  16. I wouldn’t trust Bitcoin with a ten-foot pole. It’s a risky gamble, not a legitimate investment.

  17. The upcoming week might be quiet in terms of macroeconomic data, but recent events have given traders plenty to monitor. The boost in risk assets from the latest US employment figures and the potential for the Federal Reserve to lower interest rates have positively influenced Bitcoin’s rebound. Additionally, the weakening US dollar is also playing a role in Bitcoin’s recent strength.

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