{"id":30505,"date":"2024-12-23T07:21:24","date_gmt":"2024-12-23T07:21:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=30505"},"modified":"2024-12-23T07:21:24","modified_gmt":"2024-12-23T07:21:24","slug":"bitcoins-15-weekly-drop-results-in-massive-fud-heres-why-thats-good-news","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=30505","title":{"rendered":"Bitcoin\u2019s 15% Weekly Drop Results in Massive FUD: Here\u2019s Why That\u2019s Good News"},"content":{"rendered":"

TL:DR;<\/strong><\/p>\n

After several consecutive weeks of charting impressive gains, BTC\u2019s price tumbled by 15% from top to bottom last week and has failed to produce a notable recovery.
\nThe crowd has gone into a full Fear, Uncertainty, and Doubt (FUD) state, which could actually be beneficial for bitcoin\u2019s upcoming price movements.<\/p>\n

<\/a>Bitcoin\/Price\/Chart 23.12.2024. Source: TradingView<\/p>\n

Crowd Hints at Recovery?<\/h2>\n

Just six days ago, the primary cryptocurrency was flying high above $100,000 and ever skyrocketed to its latest all-time high of just over $108,000. This put the gains following Trump\u2019s victory at roughly 60%. However, the landscape changed<\/a> on Wednesday after the hawkish comments by Fed Chair Jerome Powell about fewer interest rate cuts for 2025.<\/p>\n

In what turned out to be the worst trading week<\/a> for BTC since Trump\u2019s win, the cryptocurrency dropped<\/a> by 15% from the aforementioned peak to $92,000. Although it has managed to recover some ground, it still fails to bounce off in a manner similar to the previous corrections and is currently struggling to remain above $95,000.<\/p>\n

According to the crypto analytics platform Santiment, this extended correction has made the crowd fearful as the overall sentiment<\/a> was sent \u201cdown to its most negative statistical point of the year.\u201d However, this could be a blessing in disguise for BTC as the asset tends to move in the opposite direction of retail investors\u2019 expectations, said the report.<\/p>\n

BREAKING: Crypto\u2019s further flush has sent Bitcoin\u2019s crowd sentiment down to its most negative statistical point of the year. Vocal traders are now showing severe FUD, and that\u2019s good news for contrarians who know markets move the opposite direction of retail\u2019s expectations. https:\/\/t.co\/lYvTWbRX25<\/a> pic.twitter.com\/AfhVJwRHlj<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) December 22, 2024<\/a><\/p>\n\n

BTC Buy Signal?<\/h2>\n

Crypto analyst Ali Martinez outlined a potential \u2018buy signal\u2019 for BTC after the correction due to the TD sequential on the 4-hour chart. The indicator identifies the exhaustion in either direction and typically pinpoints the beginning of a reversal.<\/p>\n

The TD Sequential presents a buy signal on the #Bitcoin<\/a> $BTC<\/a> 4-hour chart, anticipating a price rebound! pic.twitter.com\/acDIusZCkW<\/a><\/p>\n

\u2014 Ali (@ali_charts) December 22, 2024<\/a><\/p>\n\n

Martinez further brought up a key support zone for bitcoin that can send the asset soaring once again. However, if broken to the downside, BTC could tumble hard to around $70,000 as there\u2019s not much support between here and there. The cryptocurrency currently sits at the lower end of the crucial support, which extends from $97,041 to $93,806.<\/p>\n

In fact, the asset slipped below the latter during the night but managed to bounce off, at least for now.<\/p>\n

The key support zone for #Bitcoin<\/a> $BTC<\/a> now lies between $97,041 and $93,806. If this critical demand area doesn\u2019t hold, we could see a sharp drop to $70,085, as there\u2019s minimal support below. pic.twitter.com\/cHdr5mKxhi<\/a><\/p>\n

\u2014 Ali (@ali_charts) December 22, 2024<\/a><\/p>\n\n

The post Bitcoin\u2019s 15% Weekly Drop Results in Massive FUD: Here\u2019s Why That\u2019s Good News<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL:DR; After several consecutive weeks of charting impressive gains, BTC\u2019s price tumbled by 15% from top to bottom last week and has failed to produce a notable recovery. The crowd has gone into a full Fear, Uncertainty, and Doubt (FUD) state, which could actually be beneficial for bitcoin\u2019s upcoming price movements. Bitcoin\/Price\/Chart 23.12.2024. Source: TradingView […]<\/p>\n","protected":false},"author":0,"featured_media":30506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-30505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30505"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30505"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/30506"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}