A 2-day winning streak came to an end for Bitcoin ( BTC ) on Wednesday.Tracking the NASDAQ 100, Bitcoin fell by 1.53% to end the day at $43,896.On Wednesday, the NASDAQ 100 ended the day down by 0.11%.The moves on the day continued to support highlighted concerns over the interconnectedness of the crypto and the global financial markets.On Wednesday, the Financial Stability Board had issued a report raising concerns in relation to cryptos, stablecoins, and DeFi .It was a mixed session for the broader crypto market, however.Avalanche ( AVAX ) continued to find support, rising by 2.7% to buck the broader market trend.
From the top 10, Solana ( SOL ) led the way down, however, falling by 3.5%.Terra ( LUNA ) and Ripple ( XRP ) ended the day with losses of 0.9% and 1.6% respectively, with Ethereum ( ETH ) declining by 1.9%.NASDAQ 100 Tests Bitcoin Support Following Tuesday’s 2.53% breakout, the NASDAQ 100 slipped by a modest 0.11%.
Upbeat retail sales figures from the U.S and the FOMC meeting minutes provided support.The FOMC meeting minutes were less hawkish, with the FED planning to assess inflation and monetary policy at each meeting.Ongoing concerns over a possible Russian invasion of the Ukraine, however, left the NASDAQ 100 in the red.For the day ahead, news updates from Russia and the U.S will need continued monitoring.On the economic data front, U.S jobless claims will also provide the U.S markets with direction later in the day.Bitcoin Fear & Greed Index Continues Upswing In response to Tuesday’s Bitcoin return to $44,000 levels, the Bitcoin Fear & Greed Index rose to 51/100 and back into neutral territory on Wednesday.
The Index had stood at 44/100 and in the fear zone on Monday.In spite of Wednesday’s pullback, the Index rose to 52/100 this morning.Near-term, the Index trend remains key.The Index will need to move back through last week’s 54/100 high to bring $50,000 levels back into play for Bitcoin.Bitcoin Price Action At the time of writing, Bitcoin was up by 0.05% to $43,918.A move back through the day’s $43,947 pivot would support a run at Wednesday’s high $44,583.Bitcoin would need plenty of support to break out from the first major resistance level at $44,352.In the event of an extended rally, Bitcoin could test the third major resistance level at $46,391 before any pullback.
The second major resistance level sits at $45,169.Failure to move back through the pivot would bring the first major support level at $43,310 into play.In the event of an extended sell-off, the second major support level at $42,725 and sub-$42,000 would likely come into play.The third major support level sits at $41,503.
Looking at the EMAs and 4-hourly candlesticks (below), the signal has become more bullish.Bitcoin continues to hold above 50-day EMA, which has pulled further away from the 100-day and 200-day EMAs overnight.Following Tuesday’s bullish cross, the 100-day EMA has also pulled further away from the 200-day EMA.Key near-term, however, would be for Bitcoin to avoid falling back through the 50-day EMA, currently at sub-$43,100 levels.
At the time of writing, the NASDAQ 100 mini was down by 37 points, pegging Bitcoin back from an early move..
