Bitcoin fear and greed index remains green despite red candles as Bitcoin goes under correction after briefly rising to $47,400. The fear and greed index score is 52 which is neutral compared to the last month’s 22, extreme fear.
Bitcoin currently trades at $45,900, over 1.5% down in the last 24 years. Bitcoin is currently knocking at local support and if it breaks downwards, the next support level will be near $43,000. Bulls were trying hard to close the weekly candle green but it ended in a week’s bearish red candle and the descent still continues. Bitcoin is facing a local resistance near $48,000 and then there is resistance at $49,600 before it breaks out to the $50,000 mark.
The on-chain bitcoin data shows that addresses holding Bitcoins over 1,000 have declined. This means that Bitcoin whales have been actively booking profits and turning the market bearish.