Bitcoin (BTC) Secures Support from Friday’s NASDAQ 100 Surge
Though Bitcoin secured support from the United States equity markets yesterday, the leading cryptocurrency is still under pressure amid impending White House order.
Bitcoin (BTC) enjoyed another green day on Friday as the crypto received massive support from the United States futures. That came after reversing incurred losses on Thursday. Bitcoin gained 1.54% yesterday and surged 0.99% on Thursday, closing Friday at $37,760. News wires could not pressure BTC as the United States equity markets guided the crypto through the day.
NASDAQ and Bitcoin
The US economic data appeared to pause as market players ventured on purchasing the dip. Meanwhile, NASDAQ saw the sharpest bounce back on Friday as far as this year is concerned. The developments came as sentiment on corporate earnings offset concerns on interest rates.
The US equity markets sentiment poured to the cryptocurrency spectrum, supporting BTC’s upside. Meanwhile, assets in the crypto industry mimicked Bitcoin, noting significant upswings. Ethereum (ETH) surged 5%, with Solana (SOL) and Cardano (ADA) also securing support. Nevertheless, the market recorded modest surges on the day. LUNA was among the coin in the top ten crypto lists that battled bearishness, losing 7.06%.
BTC Fear and Greed Index
Two successive days of upswings delivered an upward push for the BTC Fear and Greed Index. It surged to 24/100 yesterday after dropping towards 11/100 on January 23. That had it on the path toward the vital level of 30/100. While publishing this article, the BTC Fear and Greed Index stabilized at 24/100/.
The Index stays in red at the moment, suggesting a bearish reading. Meanwhile, it needs a move beyond 30/100 to enter the orange zone. That would reflect a ‘buy’ opportunity and sentiment shift. Remember, the Index climbed to 84/100 on November 9 before reversing.
BTC Price Action
While publishing this blog, BTC traded with a 0.61% loss at $37,530. Keeping away sub-$37,000 and pivot at $37,337 will see Bitcoin exploring the initial crucial resistance mark near $38,478. Nevertheless, the asset would require massive support to conquer Friday’s peak at $38,055.
Losing the pivot of $37,337 will mean dropping to the first crucial support at $36,620. BTC will retest sub-$35,000 with extended fall. The 2nd massive support stands at $35,479. Meanwhile, the EMAs highlight bullish signals. The 50-day exponential moving average narrows with 200-day EMA while drifting away from 100-day EMA. Keeping the actions would translate to a move to $38,000. Nevertheless, late Friday sessions saw BTC breaking out from the 200-day Exponential Moving Average, currently at $37,488.
