Over the past few weeks, Bitcoin has successfully maintained its gains. Though Bitcoin bulls seem to be intact, on March 28th, the flagship currency got rejected twice while trying to break the 200-day moving average around $48,413.27.
At press time, Bitcoin is changing its hands at $47,377 with a surge of 0.16% in the last 24hrs. Bitcoin’s immediate support lies around $45,000 and the resistance barrier at $48,000.
If the world’s largest cryptocurrency manages to break the $48,000 resistance, bulls and investors will pop up as the currency might climb towards $50,000 or $51,000 levels. However, if Bitcoin tests the support level, then it might plunge back to $44,000 and below.
Bitcoin Gains Analyst’s Traction!
As per Benjamin Cowen, the most followed crypto analyst, Bitcoin’s indicator is pointing towards more upside trends soon.
In a new youtube video, Cowen, who has 722,000 subscribers, is seen talking about the Fear and Greed Index which measures market sentiments.
Typically, it’s always seen that traders will flip towards a bullish trend when the index points to maximum fear, and when the index points to greed, traders are often seen having a cautious outlook.
Educating his 722,000 subscribers, Cowen breaks the 90-day moving average to track down Bitcoin’s historic pattern. As per his reading, the analyst Benjamin Cowen says that once the 90-day SMA drops below 30 on the Fear and Greed Index, Bitcoin declines before forming a bull run.
As per the analyst, most traders opt for buying when the market is bullish, but Cowen says that it’s a lot better to buy when the market is bearish because a bearish purchase happens when most people back off. Hence, he urges everyone to buy when bearish and wait for Bitcoin to turn bullish.