Bitcoin (BTC), showed signs of strength on the Wall Street Open on Nov. 29, as macro markets eased some of last week’s fear.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Crypto edged out of “extreme Fear”
TradingView and Cointelegraph Markets Pro confirmed that BTC/USD was $57,000 at Monday’s start.
Despite a slow start in Asia, U.S. market were upbeat after Friday’s rout. The S&P 500 made up some of its 2.3% losses.
Bitcoin was part of the better mood, with overnight performance reaching 7% at one point. This allowed for local highs above $58,300.
After hitting its lowest level since September, sentiment reflected these changes. The Crypto Fear & Greed Index rose from 21/100 up to 33/100 — “extreme fear to “fear,” after reaching its highest point.
Crypto Fear & Greed Index. Source: Alternative.me
“The market is bouncing,” Cointelegraph contributor Michael van de Poppe summarized.
“Hopefully, this weekend has taught you to be calm when it comes down to the markets. Fears were high this weekend but quickly faded away. Never buy after large red candles. That’s emotion-based. Calm down!”
BTC price action remained in a downward channel on daily timeframes. This was bordered with the $60,000 zone, which has previously been flipped from support into resistance.
Material Scientist, an analytics resource, was cautious about the possibility that there would be a new dip in market optimism.
It told Twitter followers that “a lot of BTC bid liquidity was taken” and also provided an updated orderbook map.
“Don’t be surprised that stop hunters will pursue weak hands and late longers. Make sure to plan accordingly
BTC/USD heatmap segment as at Nov. 29. Source: Material Scientist/Twitter
MicroStrategy “buys a dip” up to $400 million
However, among stronger hodlers, Bitcoin profitability conviction showed no signs of being shaken.
Related: When will BTC cease to exist in November 2021? Five things to keep an eye on in Bitcoin this week
Monday’s revelations revealed that the “buy the Dip” opportunity last week was not only taken by El Salvador, but also by MicroStrategy, a serial corporate investor.
According to filings, the company added more than 7,000 BTC to its Treasury at an average price just above $59,000. This brings its total holdings to 121 044 BTC ($6.93 Billion).