{"id":428072,"date":"2022-04-07T18:38:09","date_gmt":"2022-04-07T15:38:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-sentiment-falls-into-fear-as-btc-price-action-hits-42-9k-breakdown-target\/"},"modified":"2022-04-07T18:38:09","modified_gmt":"2022-04-07T15:38:09","slug":"bitcoin-sentiment-falls-into-fear-as-btc-price-action-hits-42-9k-breakdown-target","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-sentiment-falls-into-fear-as-btc-price-action-hits-42-9k-breakdown-target\/","title":{"rendered":"# Bitcoin sentiment falls into &#8216;fear&#8217; as BTC price action hits $42.9K breakdown target"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4ef070d198c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4ef070d198c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sentiment-falls-into-fear-as-btc-price-action-hits-42-9k-breakdown-target\/#%E2%80%9D_Bitcoin_sentiment_falls_into_%E2%80%98fear_as_BTC_price_action_hits_429K_breakdown_target_%E2%80%9C\" >&#8221; Bitcoin sentiment falls into &#8216;fear&#8217; as BTC price action hits $42.9K breakdown target &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sentiment-falls-into-fear-as-btc-price-action-hits-42-9k-breakdown-target\/#Fed_prepares_95_billion_monthly_balance_sheet_shrink\" >Fed prepares $95 billion monthly balance sheet shrink<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sentiment-falls-into-fear-as-btc-price-action-hits-42-9k-breakdown-target\/#Market_sentiment_turns_sour\" >Market sentiment turns sour<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_sentiment_falls_into_%E2%80%98fear_as_BTC_price_action_hits_429K_breakdown_target_%E2%80%9C\"><\/span>&#8221; Bitcoin sentiment falls into &#8216;fear&#8217; as BTC price action hits $42.9K breakdown target &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) kept dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointing hodlers on April 7 as the Bitcoin 2022 conference got underway to limp BTC price performance.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/e4afc4fe-14f5-4e75-a980-4dc0d27c4dbd.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Fed_prepares_95_billion_monthly_balance_sheet_shrink\"><\/span>Fed prepares $95 billion monthly balance sheet shrink<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0followed BTC\/USD as it dropped below multiple support levels to reach its lowest since March 23.<\/p>\n<p>Reversing at $42,741 on Bitstamp Thursday, the largest cryptocurrency was decidedly less bullish than the week prior, with analysts quick to point out contributing factors.<\/p>\n<p>Central bank monetary tightening, namely from the U.S. Federal Reserve, remained the favorite, this having a potential long-lasting impact across risk assets going forward.<\/p>\n<p>&#8220;The biggest headwind to bitcoin and macroeconomic-sensitive commodities such as crude oil and copper stems from possible stock-market declines,&#8221; Mike McGlone, chief commodity strategist at Bloomberg Intelligence, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1512020511760568324\">explained<\/a> on the day. <\/p>\n<blockquote><p>&#8220;Near-term risks are rising as the Fed steps up its inflation fight, which could include efforts to cool the wealth effect.&#8221;<\/p><\/blockquote>\n<p>Earlier, the Fed had <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/fomcminutes20220316.pdf\">announced<\/a> that it planned to reduce its roughly $9 trillion balance sheet by $95 billion a month from May.<\/p>\n<p>The knock-on effects from the Russia-Ukraine war, namely from retaliatory sanctions, also continued to cast a shadow, despite the unlikely successes of the Russian ruble, which traded above pre-war levels. BTC\/RUB was down 32% from all-time highs.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/f8d8112a-246c-46c5-9fd5-6c1fe2c29490.png\"><figcaption style=\"text-align: center;\"><em>BTC\/RUB 1-day candle chart (Binance). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In the European Union, meanwhile, the European Central Bank&#8217;s own balance hit <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/1511739293714288654\">fresh record highs<\/a>.<\/p>\n<p>Bitcoin bulls thus had plenty to be wary of, as shown by the loss of ground in recent days, which had put BTC\/USD back in its 2022 trading range.<\/p>\n<p>Popular trader Crypto Ed succeeded in calling the current lows after eyeing a &#8220;breakdown from support.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">for now thinking we do this ABC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/v93k8ZFbV6\">pic.twitter.com\/v93k8ZFbV6<\/a><\/p>\n<p>\u2014 Ed_NL (@Crypto_Ed_NL) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1511718546107207690?ref_src=twsrc%5Etfw\">April 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_sentiment_turns_sour\"><\/span>Market sentiment turns sour<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The wider crypto mood suffered in tandem, as evidenced Thursday by a sharp drop in the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Crypto Fear &amp; Greed Index<\/a>.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin bulls may have to wait until 2024 for next BTC price \u2018rocket stage\u2019<\/em><\/strong><\/p>\n<p>After reaching its &#8220;greed&#8221; zone for the first time this year, the classic sentiment indicator was back in &#8220;fear&#8221; territory on the back of the past two days&#8217; losses.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/dc962ba2-74ad-4c7f-bdc1-d875e0e91612.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p>The Index&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/edition.cnn.com\/markets\/fear-and-greed\">TradFi counterpart<\/a> also nudged itself back to &#8220;fear&#8221; with a score of 44\/100 Thursday.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-sentiment-falls-into-fear-as-btc-price-action-hits-42-9k-breakdown-target\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin sentiment falls into &#8216;fear&#8217; as BTC price action hits $42.9K breakdown target &#8220; Bitcoin (BTC) kept disappointing hodlers on April 7 as the Bitcoin 2022 conference got underway to limp BTC price performance. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Fed prepares $95 billion monthly balance sheet shrink Data from Cointelegraph Markets Pro&#8230;<\/p>\n","protected":false},"author":1,"featured_media":428073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvMzJmOGE1MmEtYjZmMS00YmVhLWE3NWItNjk2ZjE3NzlhNGVlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-428072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/428072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=428072"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/428072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/428073"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=428072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=428072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=428072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}