The Price of Bitcoin Has Rebounded – So What’s Next?
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The price of Bitcoin initially stabilized near the 7,500 level after dipping into the 6,500 area earlier this week. As we wrap up November, where will Bitcoin prices go from here? While altcoins also have shown signs of recovery, what does this mean for the “Alt Season” believers?
Bitcoin: Short Term Cautiously Optimistic, Medium Term Still Cloudy
The price of Bitcoin has initially recovered from the November low of $6,513, but the short-term and medium-term outlooks of the leading cryptocurrency could be two different pictures. On the short-term front, preliminary data shows that market sentiment has turned slightly positive alongside the price rebound.
But the Crypto Fear & Greed Index jumped, which jumped from 17 (extreme fear) to 32 on September 28, suggesting market participants eased some of their worries as the price stabilized, is still in the “Fear” zone.