Bitcoin Price Prediction as Fear and Greed Index Reaches 'Extreme Greed' and Traders Pivot Towards 99BTC ICO and Its 859% APY

The price of bitcoin is up 5% in the last seven days and a fraction of a percent in the last 24 hours to trade at $71,290 at 02:19 am EST.

This show of strength above the psychological level of $70,000 is inspiring optimism across markets. The data shows that btc has a slight perpetual premium, meaning that the price of btc in the perpetual futures market is slightly higher than the spot market price.

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To the layman, perpetual contracts are derivative products that closely track the price of the underlying asset, but trade at a premium or discount compared to the spot market.

A slight premium in the perpetual market may indicate bullish sentiment or demand for btc among traders. It could suggest that traders are willing to pay a little more to gain exposure to bitcoin through these derivatives contracts, in anticipation of potential price increases.

The reading of crypto/”>Fear and Greed Index reinforces this bullish sentiment. Today it has changed to “extreme greed”, indicating strong bullish sentiment.

bitcoin Price Stays Above $70,000 as Sentiment Says 'Extreme Greed'

The Fear and Greed Index helps analyze sentiment in the bitcoin and cryptocurrency market. Identify the extent to which the market is becoming too fearful or too greedy. In times of extreme fear, bitcoin is cheap or undervalued, presenting a good buying opportunity.

The opposite is true, so an extremely greedy reading would mean that bitcoin's price is too far above its intrinsic value. While some traders see this as a good time to sell, others say they are too excited about the possibility of prices continuing to rise much in the future.

With this, @DaanCrypto, a trader and investor, observed that btc open interest has increased by $2.02 billion in three days.

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twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Quite an increase in open interest over the last 3 days.

An increase of +$2.2 billion representing approximately ~12% of total open interest.

The price is up +5.5% during this time, so there is definitely a lot of additional positioning as the price attempts to move higher.

Probably volatility. pic.twitter.com/YuJN24TwAW

– Daan crypto Trades (@DaanCrypto) twitter.com/DaanCrypto/status/1798354840135082438?ref_src=twsrc%5Etfw”>June 5, 2024

Open interest indicates the sum of all open long and short positions for an asset. BitLab Academy Director Kelly Kellam highlighted that a 'whipsaw' may be in the works, referring to a sudden correction. “Open interest rising as positive premium persists (all long leverage) is a recipe for a small correction and health check of btc,” she said.

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IM super twitter.com/hashtag/BULLISH?src=hash&ref_src=twsrc%5Etfw”>#BULLISH in twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin. (Caution here for Whipsaw) Here's why:

Open interest rising as the positive premium persists (everyone is leveraged long) is a recipe for a small correction and twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc health checkup.

You can also see the Liquidation levels from… pic.twitter.com/bXIhK6oEFb

-KellyKellam (@Kellykellam) twitter.com/Kellykellam/status/1798390059084775470?ref_src=twsrc%5Etfw”>June 5, 2024

bitcoin price prediction

bitcoin price is trading with a bullish bias recording a sustained series of higher lows. However, as it circles around the trend line of the Fibonacci indicator, this diagonal line is on the border between support and resistance, depending on how traders play their cards.

A stable close above this threshold would open the door to more gains, setting the tone for further upside. This could see bitcoin price reclaim the all-time high of $73,570 or, in a very bullish case, extend to reclaim the all-time high of $73,777. This very ambitious case could cause the price of bitcoin to record a new peak above the $74,000 threshold.

Higher lows on the Relative Strength Index (RSI) point to growing bullish sentiment in the btc market. The RSI's position above the mid-50 level is also bullish, reinforced by the moving average convergence and divergence (MACD) position above its signal line.

Notably, the MACD crossing above its signal line is also bullish. It means that the short-term moving average is above the long-term moving average. This usually indicates bullish momentum in the market. The peaks at the nodes of the volumetric profile also accentuate this assumption.

<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201366%20768'%3E%3C/svg%3E" alt="btc” width=”1366″ height=”768″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Prediction-as-Fear-and-Greed-Index-Reaches-39Extreme.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/06/BT-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/06/BT-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/06/BT-768×432.png 768w” data-lazy-sizes=”(max-width: 1366px) 100vw, 1366px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Prediction-as-Fear-and-Greed-Index-Reaches-39Extreme.png”/>

<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Prediction-as-Fear-and-Greed-Index-Reaches-39Extreme.png" alt="btc” width=”1366″ height=”768″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Prediction-as-Fear-and-Greed-Index-Reaches-39Extreme.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/06/BT-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/06/BT-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/06/BT-768×432.png 768w” sizes=”(max-width: 1366px) 100vw, 1366px”/>

eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed” target=”_blank” rel=”noopener”>GeckoTerminal: btc/USD 1-Day Chart

On the other hand, if the trend line holds as resistance and seller momentum sinks the bitcoin price below it, the downtrend could extend. However, just a drop below the 50% Fibonacci placeholder of $65,120 would be worrying, potentially triggering panic selling.

However, for the bullish thesis to be invalidated, the bulls must achieve a candle close below $56,670. This lower low, relative to the end of the trading session on May 1, would signify a change in market structure.

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A promising alternative to bitcoin

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twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ($btc) and twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum ($eth) ETFs Projected to Grow to $450 Billion Market, According to twitter.com/BernsteinPWM?ref_src=twsrc%5Etfw”>@BernsteinPWM recent report.

In the next two years, they expect more than 100 billion dollars in flows to twitter.com/hashtag/CryptoETFs?src=hash&ref_src=twsrc%5Etfw”>#CryptoETF. twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/DEFI?src=hash&ref_src=twsrc%5Etfw”>#DEFI twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/RWA?src=hash&ref_src=twsrc%5Etfw”>#RWA pic.twitter.com/waGI2cWzQX

— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1798354187618594849?ref_src=twsrc%5Etfw”>June 5, 2024

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