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According to new reports, Bitcoin (BTC) has entered neutral levels on the Fear and Greed Index for the first time since May 12. Before now, it remained in a drawn-out phase of either fear or extreme fear. The previous prolonged fear state emanated from the plummeting prices, overall stagnation, and investor indecisiveness seem recently.
As we know, the cryptocurrency market, like other financial markets, is run on emotions. Whenever there is a significant price rally, traders get greedy. Likewise, whenever there is a notable price slump, they get fearful.
That said, market sentiment is a crucial factor to keep an eye on when making trading or investment decisions. The Fear and Greed Index is the perfect tool for monitoring this significant market factor. The Index monitors data from key market pulse points like volatility, momentum, trading volume, asset dominance, surveys, and trends.
The BTC Fear and Greed Index is neutral, indicating that investors and traders are waiting on more market clarity to place their bets.
Typically, when the Index is in extreme fear, it is usually a time to buy. Likewise, when it is in “extreme greed,” it is a time to take profits or sell. Neutral conditions indicate market uncertainty, meaning it is advisable to stay on the sidelines.
Key Bitcoin Levels to Watch — July 29
Following its recent price rally, the BTC bullish momentum appears to have cooled off below the $41,000 pivot level. After several failed attempts to break the $40.5k resistance, the benchmark cryptocurrency is on its way down towards $39.5k.
There currently lies a confluence of technical levels at the $39.5k line (support line and 50 SMA), indicating that this support should hold over the coming hours and provide a possible boost for the primary cryptocurrency. While it is unlikely, we could see Bitcoin touch $38k if bulls fail to defend the critical $39.5k line.
Meanwhile, our resistance levels are at $40,500, $41,000, and $42,000, and our key support levels are at $39,500, $38,500, and $37,500.
Total Market Capitalization: $1.54 trillion
Bitcoin Market Capitalization: $747.9 billion
Bitcoin Dominance: 48.4%
Market Rank: #1
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