By Solomon Odunayo
- Saturday saw BTC losing 2.33%, ending the day near sub-$28.5K.
- Investors remained concerned over Friday’s US inflation figures, focusing on Fed’s momentary decision come Wednesday.
- The BTC Fear & Greed Index recorded a price uptick early on Sunday, even with BTC presenting declines on the 5th consecutive day.
Bitcoin witnessed bearishness early today, with investors failing to ignore concerns about the US Fed financial policy as the latest inflation figures.
Bitcoin lost 2.3% on Saturday, extending Friday’s 3.4% slide to end the day near $28,389. Earlier bullish actions had BTC hitting the $29,414 peak before reversing.
Failure to conquer the initial massive resistance near $29,492 had Bitcoin sliding towards the $28,105-day low. That had the bellwether crypto losing the crucial support zone around $28,492, dipping further into the red territory.
Market sentiment could not improve today morning, and BTC seems ready to close the week with the most losses since 21 December 2021. Market worries over Fed’s fiscal policy and hawkish stance as far as rates are concerned to continue to injure market sentiment.
BTC Fear and Greed Index Surges Amid Sell-offs
Today’s sessions saw the Fear and Greed Index rising to 14/100 from 12/100. The slight uptick emerged despite the current BTC drop towards sub-$27.5K, exploring levels not seen since the Terra-driven 12-May sell-off.
Nevertheless, the uptick wasn’t enough to impress the index as it solidified inside the extreme fear region, confirming investor fear of more declines.
Meanwhile, the close correlation between Nasdaq 100 and BTC means crypto traders should wait ’til Monday for a possible sentiment shift. Nevertheless, Fed’s Wednesday rates decision remains the primary focus.
BTC Price Action
Bitcoin traded at $27,457 at this publication, losing 3.29% within the previous day. However, unpredictable movements early on the day had BTC climbing to $28,519 before sliding to $27,183. Intensified sell-off has the asset losing the first support at $27,860 and the crucial barrier at $27,330.
BTC should climb past the pivot at $28,636 to target the resistance at $29,165. Meanwhile, broad market backup is essential for upswings beyond $29K. Extended upticks beyond the second crucial hurdle at $29,942 can see BTC testing $30.
On the other side, weakness at the initial support and the pivot would mean a decline to $27,330. Stretched drops would see BTC testing the support at $26,014 before potential recoveries. For now, bears dominate the marketplace and could drag BTC to $25K.