Key Insights: – Bitcoin (BTC) rose by 1.21% on Friday to extend its winning streak to three sessions.- Positive US retail sales figures and FOMC member chatter delivered the NASDAQ 100 and bitcoin with support.- The Bitcoin Fear & Greed Index jumped from 15/100 to 21/100, reflecting easing fears of another BTC sell-off.On Friday, bitcoin ( BTC ) rose by 1.21%.Following a 1.71% gain on Thursday, BTC ended the day at $20,827.It was a third consecutive day in the green, with market sentiment towards Fed monetary policy delivering support.A bearish start to the day saw BTC fall to a low of $20,373 before making a move.Steering clear of the First Major Support Level at $19,842, BTC rallied to a high of $21,185.
BTC broke through the First Major Resistance Level at $21,092 before falling back to sub-$21,000.FOMC member chatter and the NASDAQ 100 delivered BTC support, while upbeat US retail sales figures penciled in a 75-basis point rate hike for July.
On Friday, the NASDAQ 100 rallied by 1.79%.Bitcoin Fear & Greed Index Jumps on Fed Chatter and US Retail Sales This morning, the Fear & Greed Index jumped from 15/100 to 21/100.Reversing recent losses, the Index moved back towards the “Fear” zone, reflecting easing fears of another BTC reversal.On Friday, Fed chatter supported riskier assets, with a 100-basis point hike seemingly off the table.
The bulls will now look for a return to the “Fear” zone to signal a BTC move towards $25,000.
Bitcoin (BTC) Price Action At the time of writing, BTC was down 0.32% to $20,760.
A range-bound start to the day saw BTC rise to an early high of $20,853 before falling to a low of $20,752.Technical Indicators BTC needs to move through the $20,794 pivot to target the First Major Resistance Level (R1) at $21,215.BTC would need a bullish session to support a breakout from the Friday high of $21,185.An extended rally would test the Second Major Resistance Level (R2) at $21,606 and resistance at $22,000.The Third Major Resistance Level (R3) sits at $22,419.Failure to move through the pivot would bring the First Major Support Level (S1) at $20,405 into play.Barring an extended sell-off, the Second Major Support Level (S2) at $19,982 should keep BTC from a fall to sub-$19,500.The Third Major Support Level (S3) sits at $19,171.
Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal.This morning, bitcoin sat above the 100-day EMA, currently at $20,608.The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowed to the 200-day EMA; positive BTC indicators.A further 50-day EMA narrowing to the 100-day EMA would bring $21,500 into play.The bulls will look for a hold above the 100-day EMA and a breakout from R1.A move through $21,500 would support a run at R2 and the 200-day EMA, currently at $21,919.
On a trend analysis basis, bitcoin would need a move through a May 30 high of $32,503 to target the March 28 high of $48,192.Near-term, resistance at $25,000 will likely be the first test should the upward trend resume.For the bears, the June 18 low of $17,601 would be the next target..
