Bitcoin Price and Ethereum – Fear and Greed Index Signals ‘Extreme Risk’
Most cryptocurrencies traded in the negative early on October 11, as the global crypto market capitalization fell 3.26% the previous day to $916.30 billion. However, in the last 24 hours, the total crypto market volume increased by 63.81% to $54.09 billion.
The total volume in DeFi was $3.64 billion, accounting for 6.73% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $51.01 billion, accounting for 94.31% of the total 24-hour volume of the crypto market.
During the Asian session, Bitcoin is trading slightly bearish, falling 2.05% in 24 hours to trade at $19,061.16. While the second leading cryptocurrency, Ethereum, is down 3.28% to trade at $1,279.64.
Fear and Greed Index Signals ‘Extreme Risk’
Investors in the volatile cryptocurrency industry often display extreme emotions. When the market rises, greed can cause people to act in ways they later regret (fear of missing out). The sight of red numbers also often prompts people to sell their coins for frivolous reasons.
The Fear and Greed Index is here to protect you from making irrational decisions based on your own emotions.
On Tuesday, the cryptocurrency market remained in a “risk-off” mode, with the fear and greed index indicating “extreme fear.” Typically, investors avoid risky assets and continue to invest in safe haven assets such as the US dollar, gold and government bonds.
Extreme fear may indicate that investors are too worried. It might be a good time to buy.
Bitcoin price
The current Bitcoin price is $19,071.56, and the 24-hour trading volume is $2.9 billion. Over the past 24 hours, Bitcoin has fallen 2.01%. CoinMarketCap currently ranks first, with a live market cap of $365 billion.
Paul Tudor’s comments underpin the Bitcoin price
Paul Tudor Jones, a billion dollar investor and prominent hedge fund manager, spoke to CNBC on Monday about Bitcoin and the state of the US economy. Jones established the Tudor Investment Corporation. Forbes estimates his fortune at $7.5 billion at the moment.
Asked if he still has any Bitcoin in response to a question about its potential use as an inflation hedge, Jones said:
I’ve always had a small allowance for it [bitcoin] … In an age where there is too much money, too much financial spending, something like crypto, specifically bitcoin and ethereum, that will have value at some point.
In addition, we have to have fiscal cuts.
Asked if the crypto he was referring to will be “at a price much higher than where we are now,” the millionaire said: “Oh, yes, I think so.”
Jones elaborated on his assessment of the US economy. When asked if the economy is in a downturn, he replied:
I don’t know if it started now or it started two months ago. We always find out, and we’re always surprised when the recession officially starts, but I guess we’re going into one.
Therefore, Paul Tudor Jones’ comments are in favor of Bitcoin and may help support the price.
Bitcoin price prediction and technical outlook
Remembering my Bitcoin price prediction, the BTC/USD pair is trading exactly in line with that and is falling towards an immediate support level of $18,970. The triple bottom pattern is likely to extend the support here and BTC could bounce back if it can hold above this level.
BTC remains bearish, with the 50-day moving average (MA) providing significant resistance at $19,850. A break below $18,970 support, however, could push BTC to $18416.59 or $17,709 levels.
A descending triangle pattern remains in place on the daily time frame and is likely to keep BTC bearish until it breaks out of the $20,275 resistance level.
Bitcoin has the potential to challenge the next resistance level at $21,905 or $22,760 if it rises above $20,475.
Ethereum price
The current price of Ethereum is $1,280.18, with a 24-hour trading volume of $9.6 billion. In the last 24 hours, Ethereum has fallen 3.44%. CoinMarketCap is currently ranked #2, with a market cap of $157 billion.
Ethereum supply becomes deflationary
Ethereum faces a reverse conundrum as the world’s banking institutions deal with unprecedented inflation. Ultrasound.money reports that since Saturday, ether supply has dropped by nearly 4,000 tokens, but the price has not reacted accordingly.
To date, the price of ETH has fallen 3.6% over the same time period, to $1,307 despite the shrinking amount of ETH.
For the first time since the Ethereum network made its historic transition to proof of stake in September, the network has entered a deflationary run, with more ETH destroyed than created.
A new token project, XEN Crypto, is to blame for the unexpected spike in Ethereum traffic and subsequent increase in gas fees that caused ETH to deplete.
In the last 24 hours, XEN Crypto transactions consumed 40% of the total network gas, as reported by etherscan.io.
Usually, a falling supply drives an uptrend in the coin, but for now, investors seem to be pricing in a stronger US dollar and Fed rate hike expectations, keeping ETH under pressure.
Ethereum price prediction and technical outlook
According to our previous Ethereum price prediction, the ETH/USD pair has broken through a choppy trading range of $1,300 to $1,400 on the bearish side, as well as a symmetrical triangle pattern.
ETH has formed a bearish candlestick pattern, “three black crows,” on the 4-hour chart, which is likely to keep Ether under pressure. Furthermore, RSI and MACD have crossed below 50 and 0, indicating a strong selling trend in ETH.
The bearish breakout of the triangle pattern is expected to push ETH towards the immediate support level of $1262. Further down, ETH’s next support level is at $1219.
New Altcoin News
Tamadoge, a meme coin, remains prominent among its Ultra-rate NFTs, which are available on OpenSea, from 1 WITH. Tamadoge has risen to become the third most valuable meme coin in the cryptocurrency market and can be traded on several exchanges such as OKX, MEXC, BKEX, BitMart and LBank.
The IMPT token, the project’s native currency, however, has performed admirably in the presale, raising $3.1 million since October 3rd. The pre-sale is still open until November 25 or until sold out.
Find the best price to buy/sell cryptocurrency:
