Bitcoin price: 5 indicators to help gauge market mood

cnbctv18.com:

Bitcoin's week-long slide saw prices fall as low as $32,000. And while it has stabilised since then, it is still a very nervy time for investors.

This latest plunge to $32,000 marked its lowest point since July last year. The only silver lining is that the $30,000 mark has remained unchallenged so far.

However, concerns of continued losses still loom large.Bitcoin and other cryptocurrencies seem to be following the stock market trend, which has been a bit rocky since the beginning of 2022 due to the rapidly changing US Federal Reserve policy. With all that’s going on, crypto holders are starting to wonder if Bitcoin will break away from this trend and bounce back.To help investors see through all this speculation, CoinTelegraph has rounded up five areas of interest that can help assess Bitcoin’s price action in the near future.Also Read | Crypto winter: What does it mean, and could it extend into an 'ice age'?Reaching the 'generational bottom'This weekend, Bitcoin saw a significant volume of out-of-hours trading.

The phenomenon was attributed to weak hand investors purging their holdings due to FUD (fear, uncertainty, and doubt), leading to a new round of bitcoin losses. Weak hands are investors who typically lack conviction and often tend to get swayed by overall market sentiment.Now bitcoin traders are looking at the $30,000 mark to test Bitcoin’s performance in the short term.