This is going to be a shorter post today, because I have some other family obligations to attend to later today (birthday party of a relative).
So, bitcoin consolidated above 30k lately, and tested the strong resistance area above 31k multiple times. True, on a low volume for now.
How is the market sentiment evolving? If we were to trust the fear and greed index, we are about half way, a little into the greed territory and holding relatively steady after the bitcoin ETF announcements were made.
For people in the market, my impression is they are in two distinct phases right now, depending on how much they were affected by the bear market and how gloomy they see the future:
- disbelief
- hope
Here's the wide-known explanation that goes along with each phase:
The question is, if it is wide known, will it remain true? Crypto cycles are wide known too and they remained true for quite a few cycles. So, why wouldn't market psychology follow the same cycle every time? The more people think things will be different this time around, the more they'll stay the same.
Regarding the question in the title, I think bitcoin will potentially push through the resistance area only on high volume. Until then, it's just consolidation.
Is market ready for it? Depends. Disbelievers, no. "Hopers", yes.