Wintermute analysts said Bitcoin’s price stability against the extreme bearish sentiment present in the market is a positive. Will BTC ever flip $70,000 back to support?
Bitcoin (BTC) continues to show strong support at $67,000, even as a growing split between BTC’s price stability and bearish sentiment among investors leaves the cryptocurrency in a state of equilibrium.
BTC’s resilience in avoiding dips below $60,000 has been driven by strong institutional investor demand and long-term buying, despite volatility stemming from the US-Israel-Iran war.
Market maker Wintermute noted that Bitcoin’s price and sentiment were diverging. The Fear and Greed Index sat at 11 on Tuesday, staying in “extreme fear” for over a month.
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