coinquora.com
Bitcoin (BTC) rallied by 5.63% on Thursday. This happened despite the former SEC Chair, Gary Gensler, warning investors of the possibility of even more crypto pain. BTC reversed its 5.75% loss from Wednesday by ending the day on $30,282.
Bitcoin hit a mid-afternoon high of $30,505 before breaking through the First Major resistance Level at $30,024 to test the resistance at the 50-day EMA before ending the day below $30,300.
The bearish sentiment from the US equity markets failed to rub off on the crypto markets, which means that people could be starting to look beyond Terra LUNA and TerraUSD (UST).
This also means that Gary Gensler failed to scare investors after warning them that other cryptos could be facing something similar to Terra’s demise. Gensler has predicted many crypto failures in the past.
Today, BTC’s Fear and Greed Index is holding steady at 13/100, still deep in the “extreme fear” zone, which reflects the current bearish sentiment in the crypto markets.
Apparently, investors paid little notice to the Index as BTC’s rally above $30,00 came despite what the Index says.
When taking a look at the EMAs and the 4-hourly candlestick chart, a bearish signal is evident. BTC is sitting below the 50-day EMA at $30,365.
According to CoinMarketCap, BTC is currently worth $30,287.20. This is after a 4.06% increase over the last 24 hours and a 0.27% decrease over the last seven days.
Over the last 24 hours, BTC saw a trading volume of $34,904,237,085, which is 6.61% more than yesterday.