Is It A Good Time to Buy Bitcoin? Analyses Suggests ‘Waiting’ Before BTC Passes $64k

Published April 15, 2021 | Updated April 15, 2021

Is It A Good Time to Buy Bitcoin? Analyses Suggests ‘Waiting’ Before BTC Passes $64k

Coinbase direct listing (Not An IPO!) was a huge success and $COIN trading is open at Nasdaq making Coinbase the first company to go public. Bitcoin price is currently in the greedy stage and losing $61,000 may trigger short term bearish sentiment. So, first let’s take a look at Bitcoin Greed Index.

Bitcoin Greed Index Suggests ‘Wait Before Trade’

As per the crypto analytics firm cryptoquant, Bitcoin price is currently in the greed zone with greed index rising steadily since February. Analysts further explain,

though it is a not a bearish sign but also not an ideal time to buy as well.

Bitcoin Fear and Greed Index
                                                  Source: CryptoQuant, Bitcoin Fear and Greed IndexBitcoin Fear and Greed Index

The fear and greed index shows the extent to which a market is leveraged in the derivatives trading market and for Bitcoin it seems pretty high as of now. It seems more and more investors have doubled on their leverages in order to increase their position size. The analysis suggest a “wait and watch” approach and not to rush in piling up their existing positions.

Bitcoin Price Hangs at Crucial Support Level

As per famed analyst by twitter handle, @livercoin, the Bitcoin price is hanging at a critical support range and price can go both ways in short term. As per his analysis, bitcoin is trading at danger levels and may turn bearish in the short if price dips below sub $61k levels.

Investors should wait for a high time frame close above $63.5 for taking long positions on Bitcoin.

Bitcoin Price Targets
Bitcoin Price Targets

Meanwhile, the recent jump in Bitcoin price seems to be a effect of Coinbase Listing as Bitcoin is again retracing back to initial levels whilst trying to hold $61k support.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Sunil Sharma 182 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
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