Bitcoin And Other Altcoins Gain For Second Week; Major Cryptos Face Pressure Now

This is the second consecutive week of gains for most cryptos and altcoins. Largely the gains this week are on the back of in-line rate hike by the Federal Reserve to the tune of 75 basis points.

At the time of writing this copy at around 11:50 am, bitcoin is trading with a cut of 0.8% at $23,779, Ethereum-the second top digital token is also down by over 1 percent.

For the week bitcoin’s gains are close to 4%. In fact bitcoin climbed higher even as the US reported contraction in GDP for the second consecutive week. This as per the technical definition signals recession for the country.

As per the latest weekly bitcoin chart it was analysed that investors entered big time in the crypto asset at a price of $20K. On a weekly basis, RSI for BTC is at 35 that suggests that prices are neither overbought nor oversold, but rather are in a neutral range.

The Fear and Greed Index that underlines sentiment relative to bitcoin price ranges between 0 to 100. ‘0’ here means extreme fear while 100 highlights ‘extreme greed’. The index includes price, volatility, social media influence, momentum as well as Google Search trends. The index has been at 39 that signifies ‘fear’. In October the highest reading of 84 was logged which denotes excessive greed when bitcoin traded over $60K.