The price of Bitcoin (BTC), the highest rated crypt currency by market capitalization, reached the psychological barrier of USD 10,000 but was immediately rejected. Meanwhile, sentiment is evolving from fear to greed, as the cryptomone index of Fear and Greed is now above 50 for the first time in three months.
However, the altcoins have been showing weakness in all areas. Investors are selling off their alternative currencies to catch the Bitcoin train, and the halving is less than three days away.
Bitcoin’s price spike stops at $10,000, but those who buy in drops should look at these levels
Bitcoin reaches the psychological level of USD 10,000
BTC USDT 12-hour chart. Source: TradingView
12 hour chart of BTC/USDT pair. Source: TradingView
Bitcoin is showing strength as the halving approaches and the hype only increases day by day. FOMO (fear of losing potential earnings) is also increasing, making people anxious to get into
and the price is coming back strongly.
However, is this rebound sustainable, or will this other case of „buy the rumor, sell the news“? Based on the previous halving and previous Litecoin (LTC) halvings, this is entirely possible.
People are intrigued by the enthusiasm for the event, as they expect a short term bullish outcome in the markets, and start buying Bitcoin.
Where can we see that? In general, these movements can be seen in the altcoin markets. Usually, when Bitcoin sees a big recovery, people get excited about Bitcoin. One such example is Ether (ETH).