The index showed “fear” with a reading of 26 at press time. This has not been the norm for crypto in 2024.A defense of the $50k support zone and some stabilization could persuade investors to bid despite the risky conditions.was just above the $60k level a day before press time. Since then, the $49k low has been set, and further losses could arise during the New York trading session, sending participants into a panic.
The daily RSI was at 23, reflecting oversold conditions. The cumulative liquidation levels delta on the chart above was increasingly favoring the short positions.With sentiment as it is and fear ruling the market, strong buying pressure might not arrive for another 24-48 hours. If it does, the $53.9k and $55.7k levels would be the short-term resistances to watch.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.