Bitcoin price remains strong on technical data and fundamentals, but breaking above the rectangle at $64,000 is key to resuming the uptrend.
Bitcoin bulls remain bullish as validated by figures from the crypto fear and greedy index. The index reveals that the fear and greedy index for the Bitcoin price is in then greed index around 74. This is validated by BTC’s price action on the daily chart as it has been consolidating between $58,715 and $64,108 since October 22 creating a demand zone for the big crypto.
Bitcoin Fear and Greed Index is 73 — GreedCurrent price: $61,138 pic.twitter.com/KYB03qZrxQ
— Bitcoin Fear and Greed Index (@BitcoinFear) November 4, 2021
This sluggish BTC price action over the last fortnight will need support from the wider market to determine the direction the Bitcoin price will take in the short term.
At the moment, the BTC/USD price appears to consolidating above $62,000 after recording less than 1% gains over the last 24 hours.
Bitcoin Price Forms a