Bitcoin stays higher after stocks propel BTC price toward $42K

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Bitcoin cools after a spike to $42,000 with the weekend still to play out.

, signs had already been circulating that an uptick was due, thanks mainly to the time-tested relative strength index breaking a two-month downtrend in late January.

"Probably worth mentioning price is at historic levels of oversold to on-chain demand/supply, and the futures traders have halted their sell-down," statistician Willy WooTurning to sentiment, the sense of caution characterizing the market since November's $69,000 peak remained.According to the Crypto Fear & Greed Index,"fear" was still the overriding emotion among market participants, even after the price jump.

The Index, which uses a basket of factors to produce a nominal sentiment score from 0-100, measured 33 at the time of writing, having spent most of January below 25 — the"extreme fear" zone. Nonetheless, the last time that the Index was so high was almost six weeks ago, just after Christmas.

 

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