The global digital asset market witnessed a major recovery over the weekend as Bitcoin (BTC) managed to get on the upward rally after a heavy dump. BTC price trading dumped to $38k last week and managed to regain the crucial $40k price level countering the selling pressure. This market move has brought a slight confidence back to the market as the crypto green index turned Neutral.
Crypto market to turn green?
The crypto fear and greed index that analyzes emotions and sentiments from different sources suggests that market views stand Neutral now. This comes in after a long period of running greed in the market due to the launch of the spot Bitcoin Exchange-Traded Fund (ETF). However, that sentiment had now faded away.
The cumulative market cap declined around 1.2% in the last 24 hours to stand at $1.62 trillion. The 24 hour trading volume is up by 10% to stand at $40 billion. Coinglass data depicts that over 36k traders were liquidated over the last 24 hours. While the total liquidations stand at around $81 million
Bitcoin price surge is expected to be the main reason for the market recovery. BTC price dropped to the $38k level last saw an uptick after facing heavy selling pressure. The recent push has helped the top crypto breach the $40k level and easily jump over the $42k price mark.
Bitcoin is trading at an average price of $42,211, at the press time. Its 24 hour trading volume is up by more than 8% to stand at $15 billion. Bitcoin’s dominance in the market stands around 50.90%, an increase of 0.04% over the day.
Fresh bullish bets above $43k
According to a report by Markus Thielen, the founder of 10x Research, it is suggested that levels above $43,000 are suitable for taking new bullish positions on Bitcoin. In a note to clients, Thielen highlighted the reversal indicators pointing to a potential tradeable low. He advised focusing on long positions. This is the same analyst who accurately predicted Bitcoin’s recent drop to $38,000.
It mentioned that the recommendation is based on the Elliot Wave theory which suggests that prices move in waves. Thielen believes Bitcoin is in a five-wave bullish pattern and with the recent pullback forming wave 4 and the beginning of wave 5 can potentially take Bitcoin price above $50,000.
