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Bitcoin Fear & Greed Index Holds Steady as Focus Shifts to US Inflation

Cory Russell

Oct 10, 2022 14:17

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Bitcoin (BTC) increased by 0.13% on Sunday. BTC concluded the week up by 1.98% to $19,444, somewhat correcting a loss of 0.59% from the previous Saturday. Be aware that BTC missed the $20,000 mark for the second time in six sessions.


As the day got off to a negative start, BTC dropped to an early low of $19,326. BTC increased to a high of $19,553 in the late afternoon, avoiding the First Major Support Level (S1) at $19,237. BTC, however, was unable to surpass the First Major Resistance Level (R1) at $19,613, and it dropped back to conclude the day below that level.

 

Investors were able to take a break after four straight sessions in the negative due to a lack of substantive cryptocurrency news headlines. BTC was range-bound over the weekend as a result of a slight increase in bets on a 75 basis point Fed rate hike in December.


The likelihood of a 75-basis point Fed rate increase in November is 76.7%, whereas the likelihood of a 75-basis point increase in December is 24.0%. (October 9). The likelihood of a 75-basis point increase was 0% before to Friday's employment data and Wednesday's ISM Non-Manufacturing PMI.


Correlation with the NASDAQ will probably persist since the cryptocurrency market continues to demonstrate sensitivity to Fed monetary policy. The NASDAQ 100 Mini was down 50.25 points this morning after suffering further severe losses.


The markets will be focusing on the conversations among FOMC members and the IMF/World Bank meetings later today as there are no US economic figures to examine.


After a range-bound session, the Fear & Greed Index remains stable.


The Fear & Greed Index remained constant today at 22/100. Following a four-day BTC losing skid on Sunday, a little BTC gain on Sunday resulted in the Index being unchanged this morning. The worry surrounding the Fed and the state of the economy, however, have kept the Index firmly in the Extreme Fear zone.


Fears of a harsh landing will continue to be a barrier for the cryptocurrency market as market bets for a more hawkish year end climb. US inflation data this week may be instructive.


The Index will need to keep avoiding sub-20/100 for the bulls to justify a change in mood. However, a decline to below 20/100 would indicate a BTC decline to below $18,000.

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