While the crypto money markets continue to give green signals recently, the rise in Bitcoin (BTC) and Ethereum (ETH) continues. Leading follower Ethereum (ETH) has risen above $ 2,000 again after a long time. Although there were corrections, the rise in both leading cryptos and altcoins that followed them ensured that the Bitcoin Fear and Greed index was neutralized for the first time in 17 weeks.

   "Bitcoin Fear and Greed Index is 46 - Neutral"

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Crypto sentiment indices are returning to “Neutral” zones as Ethereum (ETH) and Bitcoin (BTC) struggle with major resistance levels. According to forecasts, the index of cryptocurrency “Fear & Greed” is at 46/100 for the first time since April 6, 2022. While still below 50/100, analysts rate this metric as "Neutral".

So much so that in June 2022, the index fell to 6/100 for a short time, pointing to a level of fear not seen in years. Just a week ago, the index was at 30/100. Bitcoin (BTC) and Ethereum (ETH) holders who were lucky enough to buy the bottom in mid-June 2022 have now made 40 percent and 100 percent profits, respectively.

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Bitcoin and altcoins starting to decline?

Bitcoin, the leading cryptocurrency, is making critical moves as of today. Although BTC managed to rise to the level of 25 thousand dollars in the morning, it again faced seller pressure in the last hours. It is observed that the altcoins are waiting for their turn during the hours when Bitcoin is on the rise. Although altcoins are waiting for the rise, BTC may again fall sharply in the coming hours. It is seen that BTC, which has been showing upward moves for a long time, has started to form bear formations on its chart.

Bitcoin, which has created a double top, one of the most successful trend transformation formations, is expected to lose value in the coming hours. The first depreciation in Bitcoin is expected to continue up to $ 23,600. Breaking this support point, which is the bottom level of the 2-top formation, may cause BTC and altcoins to experience much larger decreases. The point where short-term pullbacks will end in Bitcoin is expected to be $ 22,800. Bitcoin, which should not hang below this critical support, can start an upward trend again with the help of its bulls. Although it is a low probability, we can also see Bitcoin rising without correction in the coming hours. BTC, which must exceed $ 25 thousand for this rise, can reach $ 30 thousand.