Investing.com – Intense fear and panic over a widening downturn and market crash are heading to disappear; According to the data of the Fear and Greed Index, which measures the movement of the cryptocurrency market.
However, this does not negate that signs of weakness and weakness still dominate the digital currencies, while the crypto market has tended to deepen its losses, led by Ethereum, through the major currencies.
According to the data of the Crypto Fear & Greed Index, the index’s reading rose during Tuesday’s trading to 24 points. The current levels are the highest since January 5, but the current reading still expresses the control of the state of intense fear for traders in the crypto market.
On the other hand, the index has risen by more than 14 points since dropping to its lowest level in more than 6 months, when it fell to 10 points on January 8, 2022.
Crypto expert, Reckit Capital said: “Bitcoin’s new weekly close shows that the 43.12K level is emerging as new resistance.
Technically, Bitcoin continues to reside in the upper region of its current $38,000-43,100 range.
On the long-term trend of Bitcoin, market analyst Michael van de Poppe said there is a possibility that the typical four-year cycle for Bitcoin will be prolonged. “Honestly, you’re going to make a lot of things clear, this cycle is longer than the previous one, the four-year cycles no longer happen due to macroeconomic effects, so this cycle is going to be higher and longer than everyone expects,” van de Poppe said.
“Bitcoin still has to break the green highlighted price in the current cycle before resetting and starting the next cycle,” said analyst and Twitter user pseudonym Tech Dave.
TechDave added: “There is at least one bullish motive that comes in my opinion before an impulsive downtrend (bear market) starts.”
After watching the bitcoin near the levels of 41.6 thousand dollars hours ago, the bitcoin returned again to the highest levels of 42 thousand dollars during those moments of trading today, Tuesday.
The bitcoin fell within 24 hours by nearly 2% as it traded at $42.08 thousand, while the highest price was at $42.8 thousand.
Ethereum fell more than 3% to $3.18K, while its market value plunged to nearly $380 billion.
Binance Coin, the third largest cryptocurrency in the market, is declining by nearly 3%, down to the levels of $472.9, while still maintaining weekly gains in the range of 8%.
It still maintains its brilliance after it jumped to the fifth place among digital currencies, and it is now rising in the range of 2%, reaching levels of $1.55, with a market value of $52.3 billion.
On the other hand, it is declining 3% to the levels of $140, and Ripple by 2% to the levels of $0.75 and Tera Luna by 8% to the levels of $77.
It fell around 6% to $25, Avalanche fell 3.3% to $86.5, and PolygonMatic fell 9% to $2.2.
A currency achieves a new record..what is the reason?
The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.
Explanation of the risks: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
These were the details of the news Cryptocurrencies Extend Losses By Investing.com for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.