The upside was modest, however, as geopolitics continued to peg back Bitcoin and the broader market.
Following Saturday’s slide back to 25/100 and fall into the Extreme Fear zone, the Bitcoin Fear & Greed Index rose to 27/100 and back into the Fear zone this morning.
For the Bitcoin bulls, the Index will need to move back through last week’s 54/100 high to bring $50,000 levels back into play for Bitcoin.
In the event of an extended rally, Bitcoin could test the third major resistance level at $41,679 and resistance at $42,000 before any pullback.
Failure to move through the pivot would bring the first major support level at $39,693 into play.
Bitcoin continues to sit well below 50-day EMA, which has converged on the 100-day and 200-day EMAs overnight.