The recent shocking news of the US Presidential candidate Donald Trump has reportedly increased his popularity. As he is known as a crypto-friendly candidate, his safety in the attack has boosted the trader’s confidence in Bitcoin. As per Santiment (a popular crypto market intelligence firm), traders are feeling FOMO with this sudden price surge as BTC is trading above $63,000. Nonetheless, as per Santiment, the chief crypto token’s sudden price jump raises some concerns along with the increasing CME gap. Santiment took to its official X account to reveal this development.
With BTC Suddenly Jumping Back at $63K, Santiment Warns the Traders
The market intelligence company noted that the assassination incident pushed the top crypto token to rebound. However, such an enormous jump where the crowd presents bullishness is not good. Hence, Santiment has warned the market members to deal with the situation carefully.
Moreover, a huge CME gap has also developed. A CME gap denotes the difference between Bitcoin’s closing price on the Chicago Mercantile Exchange as well as its opening price. The respective CME gap points toward apprehensions regarding its mitigation. In line with this situation, the market experts have cautioned the traders about their potential moves based on these statistics.
The data brought to the front that the CME gap appeared between the range of 58,700 and 60k. Latest reports point out that a massive percentage of up to 95% of cases have seen the fill-up of the respective gap.
With this, Bitcoin has jumped above the 200-day moving average thereof at $59,308. In line with the data that Santiment provided, fear of missing out is back in the crypto market. Nonetheless, the intelligence firm has advised the market members to exercise caution. The crowd shows overwhelming bullishness. Keeping that in view, the signs of skepticism or fear have lowered to a great extent.
The Event Raises Bitcoin’s Fear & Greed Index to 65
The respective change in the sentiment can offer a contrarian indicator, signifying a potential looming correction. Along with that, the fear & greed index is also presenting a quite positive status of the Bitcoin market. With BTC’s price surpassing the $63K spot, the index has reached 65, expressing a huge greed.
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A noteworthy thing is that there is a complicated relationship between the crypto markets and political events. This relationship is reportedly not often straightforward. Though important events can influence the overall sentiment of the crypto market, it is necessary to consider several multiple factors. This helps in maintaining a nuanced perspective for investment decisions.