Bitcoin price was on the verge of a nine-day winning streak – but the momentum appeared to slow
The Bitcoin price was around $47,026, down 1.67% from yesterday. The cryptocurrency had climbed for eight consecutive days, lifting the price from about $40,000 to a new 2022 high of around $48,200 on March 28. At the time of writing, BTC is changing hands at $47,246.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price stays flat after a few jumps in the past week
Bitcoin price traded in a tight range between $46,000 and $47,000 during the New York trading day as geopolitical risk kept some buyers on the sidelines. The Bitcoin Fear & Greed Index entered “greed” territory, indicating bullish sentiment among crypto traders.
The index is at its highest level this year but is still below peak levels of “extreme greed,” seen last November. That suggests further room for investor sentiment to improve, especially if BTC’s sustained price recovery.
However, sentiment readings have been erratic over the past few months as BTC declined by as much as 50% and then stabilized in a trading range, albeit with 20% price swings. It is very difficult to get a clear reading on crypto sentiment, especially during market stress.
Source: TradingView
Bitcoin is attempting to break above a tight trading range between $46,000 and $48,000 as momentum remains positive. Initial resistance is seen at the 200-day moving average, currently at $48,312, which could stall the price rally. Still, there is stronger resistance at $50,966, suggesting that buyers could remain active over the short term.
On the daily chart, the Relative Strength Index (RSI) ticked higher and is firmly in the overbought zone. However, previous overbought signals lasted for three months before a significant sell-off in price.
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