RATE Group | Bear Cross on Key Indicator Could Push Bitcoin Price to $7,300
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Bear Cross on Key Indicator Could Push Bitcoin Price to $7,300

20 Oct Bear Cross on Key Indicator Could Push Bitcoin Price to $7,300

Posted at 07:30h in Bitcoin News by

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At the moment, not too much is happening with Bitcoin’s (BTC) price action. The price continues to drop and a series of lower highs occur even as bullish news hits the press week after week. The news of Bakkt Bitcoin futures trading volume increasing by 796% failed to positively impact Bitcoin price and Fidelity Investments’ announcement that it has launched crypto custodial services also did little for the market. 

Daily crypto market data

Daily crypto market data. Source: Coin360

The general sentiment amongst Bitcoin traders seems relatively unenthusiastic and many traders view Bitcoin’s current price action as an opportunity for accumulation at $7,800 and below. 

This conclusion is supported by the Crypto Fear and Greed Index (CFGI) which currently shows investor’s fear level as being flat throughout the month of October. If the $7,800 support fails to hold and Bitcoin drops to $7,300 and below, then one would expect the fear index to rise. 

Crypto Fear & Greed Index

Crypto Fear & Greed Index Source: Alternative.me

As…

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