Bitcoin is ‘back’ after 73 days and here’s what’s coming next

ambcrypto.com:

With significant resistance levels being broken by cryptocurrencies like Bitcoin and Ethereum, the market has only soared higher. ETH, for instance, was leading the market recovery with a 40% increase over the last seven days and a price of $1,500, at press time.

On Tuesday, Bitcoin formally exited the “extreme fear” zone after a record 73 days. As bulls began to enter the market again, this was accompanied by a weekly incline of 19%.

The “extreme dread” rating on the Crypto Fear and Greed Index dropped to only “fearful” on 19 July. The same had a press time reading of 31 out of 100. 

The index grades the larger cryptocurrency market’s sentiment on a scale of 0 to 100. The index is mostly based on information on search trends, social media mood, surveys, and the volatility, volume, and dominance of the Bitcoin market.

BTC’s price, while cautious, has started to register significant advances lately. In fact, at the time of writing, it was trading at $23,540.

According to Santiment, an on-chain analytics company, traders are “changing their tune” and beginning to anticipate the cryptocurrency’s long-term breakout. It also claimed that when BTC’s price went beyond $23,600, the average financing rate on exchanges reached its best levels in two months. This could mean that there is some FOMO (Fear of Missing Out) going on.