Key facts
- Bitcoin was trading around $63,600 on Friday.
- Technical indicators suggest a cautious market outlook.
- Sentiment indicators are nearing levels last observed at the 2022 market bottom.
- Bitcoin and Ethereum saw modest gains in the preceding 24 hours.
- The overall cryptocurrency market capitalization rose to $2.18 trillion.
- The crypto fear and greed index remains in the 'extreme fear' zone.
Bitcoin was trading near $63,600 on Friday, with technical indicators suggesting a cautious market sentiment. Daily moving averages remained above the spot price, and sentiment indicators were approaching levels last seen during the 2022 market bottom. Despite the cautious outlook, Bitcoin and Ethereum saw gains of 1.43% and 1.19% respectively in the preceding 24 hours. Several major altcoins, including BNB, XRP, and Solana, also experienced rallies, with some gaining up to 7.99%. The overall global cryptocurrency market capitalization increased by 1.48% to $2.18 trillion. The crypto fear and greed index saw a slight rise to 18, but the market sentiment continued to be characterized by extreme fear, according to the CoinDCX Research Team. Traders are reportedly watching support zones for potential recovery signals.