{"id":247447,"date":"2022-07-20T23:00:46","date_gmt":"2022-07-20T17:30:46","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=247447"},"modified":"2022-07-20T18:02:35","modified_gmt":"2022-07-20T12:32:35","slug":"bitcoin-is-back-after-73-days-and-heres-whats-coming-next","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-is-back-after-73-days-and-heres-whats-coming-next\/","title":{"rendered":"Bitcoin is ‘back’ after 73 days and here’s what’s coming next"},"content":{"rendered":"

With significant resistance levels being broken by cryptocurrencies like Bitcoin and Ethereum, the market has only soared higher. ETH, for instance, was leading the market recovery with a <\/span>40% increase over the last seven days and a price of $1,500, at press time.<\/p>\n

On Tuesday, Bitcoin formally exited the “extreme fear” zone after a record <\/strong><\/span>73 days.<\/b> As bulls began to enter the market again, this was accompanied by a weekly incline of <\/span>19%.<\/b><\/p>\n

The “extreme dread” rating on the<\/span> Crypto Fear and Greed Index dropped to only<\/span><\/a> “fearful” on 19 July. The same had a press time reading of 31 out of 100.\u00a0<\/span><\/p>\n

What of Bitcoin’s price actions?<\/strong><\/h4>\n

The index grades the larger cryptocurrency market’s sentiment on a scale of 0 to 100. The index is mostly based on information on search trends, social media mood, surveys, and the volatility, volume, and dominance of the Bitcoin market.<\/span><\/p>\n

BTC’s price, while cautious, has started to register significant advances lately. In fact, at the time of writing, it was trading at $23,540.<\/span><\/p>\n

According to Santiment, an on-chain analytics company,<\/span> traders are “changing their tune” and beginning to anticipate the cryptocurrency’s long-term breakout. It also <\/span>claimed that when BTC’s price went beyond <\/span>$23,600<\/b>, the average financing rate on exchanges reached its best levels in two months. This could mean that there is some FOMO (Fear of Missing Out) going on.<\/span><\/p>\n

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\ud83e\udd73 Traders are changing their tune and are smelling a long-term breakout after a dominant #Bitcoin<\/a> Tuesday. With the #1 market cap asset in #crypto<\/a> surging, the ratio between $BTC<\/a> #longs<\/a> and #shorts<\/a> is at its highest point since early May. Watch for #FOMO<\/a>. https:\/\/t.co\/4PcBhoKywd<\/a> pic.twitter.com\/dSPmazk1S1<\/a><\/p>\n

— Santiment (@santimentfeed) July 19, 2022<\/a><\/p><\/blockquote>\n