On Sunday, Bitcoin (BTC) ended a three-day winning streak. Following a 1.11% increase on Saturday, Bitcoin fell 0.75% to $37,914 on Sunday.
5-days in the green from 7 would have been little consolation to Bitcoin bulls. Bitcoin increased only 4.4 percent in the week ending January 30, barely partially recovering a 15.7% drop the week before.
Following a 1.54% gain spurred by the NASDAQ on Friday, Bitcoin and the broader crypto market gained more support on Saturday.
However, the Bitcoin Fear & Greed Index did rise after five days in the green from 7. The Index rose to 29/100 on Sunday, level with the January 3’s high, continuing its rebound from a low of 11/100 on January 23. At the time of writing, a decline to 20/100 illustrates the level of uncertainty that Bitcoin investors continue to face.
The Index, which is currently in the red zone, was last on December 28. The Index had been hovering around 41/00, just outside the neutral yellow zone. The Index had increased to 84/100 on November 9 but reversed. A return to the 30/100 level and into the orange zone would be an excellent time to buy.
On January 31, 2022, the bulk of cryptocurrencies, including Bitcoin, began the year with losses. On the Indian platform CoinSwitch Kuber, the most valued crypto asset, is trading at $40,193 with a 1.84% loss. Bitcoin has also experienced losses of up to 2.7% on overseas markets.
Bitcoin prices are staying around $39,926 according to CoinMarketCap, Binance, and Coinbase. The performance of Bitcoin has been hampered by market volatility for the whole month, impacting the crypto sector’s overall gains.
