Bitcoin sentiment hits 'greed' in 2022 first amid calls for $45K BTC price pullback

cointelegraph.com:

Bitcoin (BTC) sentiment is seeing its first significant test of the rally to year-to-date highs as bullish gains dry up.

The start of Wall Street trading on March 30 failed to induce a fresh advance on BTC/USD, which threatened to lose support at $47,000.

After gaining nearly 30% since March 14, Bitcoin has managed to cling to its yearly opening price as support, this previously marking the resistance ceiling of its trading range for throughout 2022.

Now, however, hopes of a retracement appear to be coming true, as momentum shows signs of — at least temporary — fatigue.

Data from Cointelegraph Markets Pro and TradingView captured the turnaround overnight on March 30, with $48,000 currently the level proving stubborn for bulls to overcome.

Traders are keenly eyeing the possibility of a support backtest, but remain mixed over how low would be "too low" and end up threatening the uptrend altogether.

Popular trader Crypto Ed highlighted $45,000 as a core bounce zone in the event of a broader pullback, this nonetheless being below the all-important yearly open at $46,200.

A breakdown there and move towards $40,000, he added in his latest YouTube update, was something he "doubted."

Looking at the sentiment gauge of the Crypto Fear & Greed Index, however, the need for a time out becomes all the more apparent. In under a week, its normalized score went from 22/100 — "extreme fear" — to 60/100 — "greed" and its highest level since mid-November.

Since the local top, the score has already begun falling toward "neutral" territory, and measured 56/100 as of March 30.

Analyzing the sentiment issue, social media users referenced macro forces at work, which traditionally spell trouble for risk assets in order to argue that enthusiasm around