Mar 03, 2023
BTC Bulls Facing Greed, FOMO & Whales’ Manipulation
Bitcoin (BTC) has been on an impressive run since the start of 2023, with the price up 42% over the past few weeks. However, the outlook may be changing, and the bears may soon be back in control.
The data paints a worrying picture for BTC, with investors feeling greedier than ever, but mainstream investors still not ready to jump in. After a 40% surge in January, BTC/USD has been struggling to break through resistance levels and is now consolidating its gains. February was the least volatile month on record for the pair, but this may soon change.
Cointelegraph takes a look at the three issues that Bitcoin is currently facing, and how they may affect the bull run.
The Crypto Fear & Greed Index, which uses a basket of factors to measure sentiment in the crypto market, recently hit its highest levels since Bitcoin’s November 2021 all-time high. This suggests that the market is behaving irrationally and is due for a correction.
Meanwhile, Google Trends data shows that mainstream interest in Bitcoin is near its lowest levels since mid-2020, suggesting that FOMO is not yet a factor in the market.
Finally, large-volume exchange traders are actively trying to guide the spot price to serve their own aims, making it more difficult for the long-term bear trend to be broken. This behavior has been classed as “manipulation.”
These three issues could be a thorn in the side of the bull run, and it remains to be seen how the market will react. In the meantime, NFTs are becoming an increasingly popular way to promote and sell crypto, with many web3 agencies now offering NFT marketing services to help projects reach a wider audience. Twitter NFT marketing is also on the rise, with many companies now offering specialized services to help projects promote their NFTs on the platform.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
