Bitcoin price extended its recovery even as concerns over the bullish momentum curbed the recorded gains. The crypto is still on a bearish trend amid the persistent risk-off mood.
While the bulls in the bitcoin market have striving to boost the recovery, the selling pressure is still strong.A look at the crypto fear & greed index tell the tale for bitcoin price movements in the short term. Even with the recorded gains, the index, which measures the market sentiment, is still on neutral.
Notably, the risk-off mood has been evident in recent months and may continue for a while longer in the absence of a major catalyst. Granted, Based on this thesis, $28,800 may be a resistance level worth watching.
Bitcoin price analysis
BTC/USD rallied further on Tuesday; trading above 27,500 for the first time since 31st May. As at the time of writing, it was at 27,946.20. After being on a downtrend for two weeks, the leading cryptocurrency has been up by about 13% over a span of one week.
Tuesday’s trade had bitcoin price rise above the bearish channel highlighted in black. While the recovery may persist, momentum concerns remain. In the ensuing sessions, the support levels of 27,550 and 27,250 will be crucial in predicting the crypto’s next move.
If bitcoin price remains above the 27,250, it will possibly continue with its recovery. On the other hand, a move below the aforementioned support level will put it back to consolidation mode with support at the psychological zone of 26,000.