The Bitcoin has recovered by 4.72% today morning to stabilize over the $37K mark amidst the reduced trading volume. The RSI indicator showed oversold on Monday morning and thus the jump was noted in the market. The reduced spot trading volume and the price jump indicates that the big players might have ramped up the situation.
The Bitcoin took to itself the charge to ramp up the market after a weeklong sell off to $33K range. The Bitcoin price jumped by almost 4.72% in the last 24 hours to stabilize above $37K. At the time of writing Bitcoin is changing hands at $37,606. Though the price jump is quite good, the upper bounds of the price rise is expected to be limited at the $40K mark in the short term.
Though the price recovery and stabilization is seen, there has been a reduced spot trading volume throughout the weekend which even continues today. Thus, the price jump indicates that the big player might have entered the market and pushed the market in the upward direction. The sentiment is shifting towards green in the market as the fear and greed index showed the value jump from 12 yesterday to 23 today.
Though the market has seemed to stabilize, all eyes are focused on the two day Fed Meeting that is to be concluded today as the meeting night describes the tapering and the interest rate hike that the Feds will be doing in the upcoming months to tackle the inflation. The analysts predict that there might be a sudden volatility just around the meeting conclusion and release of the meeting minutes.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
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