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Momentum seems to be favoring the bulls as Ethereum (ETH), Solana (SOL), Terra (LUNA), keep their gains as Bitcoin hints at further lows. SOL’s price records a 22% profit which makes it the best performing asset in the crypto top 10.The Fear and Greed Index has stabilized at neutral levels, fluctuating around 50 throughout the week, suggesting a reasonably balanced market sentiment. The index has now trailed around 50 for ten days. The last time this happened, market sentiment plummeted to fearful terrain shortly after.Additional data from Material Indicators seem to support a bearish thesis. At its current levels, Bitcoin has a lot of resistance. There are over $30 million in asks orders with little support below.
The Factors That Could Play In Favor Of The Crypto Greedy
Although the crypto market could continue to outperform the largest crypto, its short-term performance will impact the altcoin market. The high amount of asks order suggests downside, as mentioned, but there are bullish factors currently at play. As noted by Yuya Hasegawa, an analyst at , The price of Bitcoin has benefited from the United Kingdom Treasury announcement. The financial institution seems to be warming up to crypto as it plans to embrace NFT and stablecoins to improve its payment system. In that sense, the former EU member hints at a friendlier stand toward digital assets. If the new European regulation on this asset class turns hostile, as it seems to be, the U.K. could become the region’s alternative to maintain its operations. In addition, the crypto market seems to be benefiting from a relief in tech stock companies’ prices. These companies rallied, as the analyst noted after Elon Musk announced his acquisition of a 10% stake at social media company Twitter.Related Reading | Bitcoin Bullish Signal: 30MA STH-SOPR Returns Above 1 After 4 Months
Finally, Hasegawa believes the Bitcoin Miami Conference could offer Bitcoin and the crypto market some short-term support. The event is set to start tomorrow Wednesday and could see important bullish announcements like last year.