The fear and greed index has been updated to “greed” as bitcoin hits $42,600.
Bitcoin has seen a resurgence in price following twelve consecutive days of bullish momentum. Bitcoin has seen twelve days of green for the first time since February as it headed towards its previous all-time high.
However, following a dramatic decline to $29,000 in July, bitcoin has managed to climb nearly 45% in less than two weeks. Currently priced at $41,600 on Sunday, the fear and greed index has shifted to 60, which indicates greed in the market. The shift in momentum comes one month after the fear and greed index was at 21, or extreme fear.
Rather than suffer a serious dip, BTC price action has held onto its gains, which at the time of writing total 23% in a week.
What seemed all but impossible just seven days ago is now flavor of the month among an increasing portion of the analytical community.
“History doesn’t repeat itself but it often rhymes” #bitcoin A repeat would be a Q4 blow off top. New ATH’s into 2022 seem more likely. Super cycle/last cycle will depend on what happens in 2023 IMO. https://t.co/07Ryn3pcTf
“Following a troubling three months of news and price action, bitcoin went on to print five green monthly candles in a row and went up ~10x in the second half of 2013,” Jeff Ross, founder and CEO of Vailshire Capital, said in Twitter comments Saturday.
“I still contend that 2021 will behave in similar fashion.”
With its latest uptick, meanwhile, BTC/USD broke through its 21-week exponential moving average, something which analyst Rekt Capital described as a “time-tested bull market indicator.”
The supply shock is back
While Ross added that such a prediction was “just a guess,” he has an increasing number of on-chain indicators to support him.
Hash rate is back above 100 exahashes per second (EH/s) after bottoming at 83 EH/s, while difficulty saw its first positive readjustment since the May price crash on Saturday.
Investor behavior further mimics the change in sentiment. Strong hodlers with little to no history of selling their BTC are now back in control at levels never seen before andabsent since Bitcoin’s current all-time high of $64,500 in April.
“This is very bullish,” Lex Moskovski, chief investment officer of Moskovski Capital, summarized alongside an accompanying chart from Glassnode. It showed hodler conviction in terms of an increasing amount of the BTC supply becoming illiquid — taken off the market.
“Bitcoin ‘supply shock’ is now at levels that previously priced Bitcoin at $53K,” fellow analyst William Clemente commented on the same data.
“Consolidation after 10 straight green days is very reasonable but still remain bullish over the coming weeks.”
The software based investment company have predicted that clients will trade over £105 million during the Premier League 2021/22
Betfair Group (LSE:BETF)
We have known each other a long time. I used to wear a green jacket. We have been speaking intensely over the summer and warmly for a time before that.”
— Breon Corcoran
LONDON, UNITED KINGDOM, July 30, 2021 /EINPresswire.com/ — Betfair Exchange and Blockchain Algorithms have reached an agreement until 2025.
The new deal would keep both brands in Europe, have headquarters in both Dublin and London and all trades would be placed through Betfair Exchange.
The two companies issued a joint statement, which read: “The possible merger for trades would create one of the world’s largest public online betting/trading and gaming companies by revenue with enlarged scale, capability and distinctive and complementary brands.
“The combination has compelling strategic logic and represents an attractive opportunity for both companies to enhance their position in online betting and trading for Blockchain Algorithms. It will deliver synergies, customer benefits and shareholder value.”
Breon Corcoran, who left Blockchain Algorithms in 2016 to become chief executive of Betfair, said: “These are two businesses that are performing at a very high calibre and we will have a market leading position in the UK, Europe, Ireland and Australia.”
“We are paying a slight premium but I regard this as a merger of equals. We have known each other a long time. I used to wear a green jacket. We have been speaking intensely over the summer and warmly for a time before that.”
Mr Corcoran will now become the head of the combined group, which is subject to receiving approval from the competition authorities and the two companies hope the deal would be complete in August just before the start of the Premier League.
The merger is the latest round of consolidation in a sector where companies are searching for scale to compete in the face of greater tax and regulation. Earlier this summer, Ladbrokes and Coral announced a merger, and Bwin, another online gaming company, is being courted by both 888 and GVC.
Less than a month ago, Paddy Power’s Twitter account joked that after the Ladbrokes and Coral merger, it had joined forces with Betfair. “Our new name is Betty Power,” it said.
The stock exchange reacted positively to the merger plan announcement with Betfair’s shares up 17.5%.
EIN Presswire’s priority is source transparency. We do not allow opaque clients, and our editors try to be careful about weeding out false and misleading content.
As a user, if you see something we have missed, please do bring it to our attention. Your help is welcome. EIN Presswire, Everyone’s Internet News Presswire™,
tries to define some of the boundaries that are reasonable in today’s world. Please see our Editorial Guidelines
for more information.