HomeCryptoBitcoinBitcoin, price slips to $46,000, but the sentiment remains positive

Bitcoin, price slips to $46,000, but the sentiment remains positive

Bitcoin slips back to $46,000, with the price registering a slight loss of 1.2% today over the 24 hours. 

The rally of these days seems to have taken a break. Those waiting for bitcoin to violate the resistance of $48,000 and then get back to $50,000 will have to wait a little longer. 

Bitcoin price analysis

According to an analysis published on Tradingview, quotations are testing the resistance of $47,500. If this level is exceeded, stretches towards $51,600 would be triggered. So BTC would return above the psychological threshold of 50,000 USD. 

According to Santiment, traders are pretty optimistic.

According to this chart, the general feeling is that bitcoin is heading towards a new ATH, going beyond the $65,000 marked in April. 

For Santiment, however, there is optimism, but not euphoria, which could lead to a correction in bitcoin’s trend. That is a bit of what is happening as the price rose to $48,000 and then retraced and settled between $46,000 and $47,000. 

The fear and greed index is also stable at 72, a sign of greed: investors at this time are projected to buy.

Crypto Fear & Greed Index on Aug 17, 2021

For Paolo Ardoino, CTO of Bitfinex, the market is in a bullish phase, while institutional investors are putting their full weight on bitcoin:

“Bullish sentiment seems to be driving cryptocurrency markets with Solana and Matic chalking up impressive gains. We may be seeing a reawakening of animal spirits among speculative investors with decentralized finance (DeFi) and the market for NFTs both resurgent. While volumes remain relatively subdued, a lot of the profits that have been made are filtering back into the ecosystem, causing a continued boom in retail markets for altcoins. It is also important to note a backdrop of sustained institutional investment in the space, a trend that will only further consolidate if bitcoin returns to the highs that it reached earlier this year.”

Eleonora Spagnolo
Eleonora Spagnolo
Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.