Bitcoin (BTC) Finds NASDAQ 100 Support to Buck Crypto Trend

It was yet another bullish day for Bitcoin (BTC) on Tuesday, marking a 5^th rise in 6-sessions. Following a 3.42% rally on Monday, Bitcoin rose by 0.50% to end the day at $44,080.

The upside came in spite of the broader crypto market seeing red on the day. Binance Coin (BNB) and Terra (LUNA) slid by 5.83% and by 4.05%, with Cardano (ADA) and Solana (SOL) seeing losses of 1.83% and 3.46% respectively. Ethereum (ETH) saw a more modest 0.71% loss on the day.

Joining Bitcoin in the green, however, was Ripple (XRP), which rallied by 5.06%. News updates on the SEC v Ripple case continued to support an XRP rebound from a current year low $0.5500. XRP ended the Tuesday at $0.8747 down from a day high $0.9139.

While news updates supported XRP, it was a day of recoupling for Bitcoin and the NASDAQ 100. On Tuesday, the NASDAQ 100 rose by 1.28%, reversing a modest 0.58% loss from Monday. The upside delivered Bitcoin with support.

Bitcoin Fear & Greed Index Continues Upswing

The 5^th daily gain from 6 sessions continued to drive the Bitcoin Fear & Greed Index northwards, delivering Bitcoin another bullish signal.

After moving out of the fear zone on Monday, the Index rose from 48/100 to 54/100 this morning. For the Bitcoin bulls, the index continues to edge its way to the “greed” zone. Last month, we had considered a move to 30/100 as a buying signal and this month a move through to 50/100 supportive of a Bitcoin return to $50,000 levels.

While on an upward trend since a January low 10/100, the index continues to fall well short of 9^th November’s high $84/100. This had preceded Bitcoin’s ATH $68,979 on 11^th November.

Bitcoin Price Action

At the time of writing, Bitcoin was down by 0.03% to $44,068. A move back through the day’s $44,089 pivot would support a run at the first major resistance level at $45,475 and Tuesday’s high $45,484. Bitcoin would need plenty of support to break back through to $45,000 levels. In the event of an extended rally, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $46,869.

Failure to move back through the pivot would bring the first major support level at $42,695 into play. Barring an extended sell-off, Bitcoin should steer well clear of the second major support level at $41,309.

Looking at the EMAs and 4-hourly candlesticks (below), the signal continues to become more bullish. The 50-day EMA has pulled away from 100-day EMA after Sunday’s bullish cross. The 50-day EMA has also crossed through the 200-day EMA. The bullish cross of the 50-day through the 200-day EMA should bring $50,000 levels into play.