For the third day, the Crypto Fear and Greed Index remained at 24. This is in line with the extreme assessment.

However, this low index reading does not accurately reflect the dynamic of a market that has seen its total capitalization move between $1.95 trillion to $2.00 trillion since Tuesday.

Bitcoin gained 0.4% over the last 24 hours to $41.9K. This is largely due to the fact that it has not been affected by the decline in US stock indexes after Wednesday’s results.

It is not a good idea to buy on falls below $41K as the downtrend with lower highs has been ongoing for over a week.

Technical analysis shows that this is usually followed by a pullback. However, reversal patterns can occur when bulls break through downside resistance. Stabilisation above $45K would indicate an upside reversal in our case.

Positive local dynamics in bitcoin/ether were offset by a pullback and further decline in Solana during the weekly trend.

Market participants are still buying despite the stock market slump, but bulls in cryptocurrency have not lost their psychologically important support levels at $40K for Bitcoin, and $3K each for Ether. They could see a consolidation below them as a sign of fall acceleration.

Today’s outcome could be decided by the stock market dynamics, where key indices such as the Dow Jones 30 and the Nasdaq 100 have corrected to their 200 day moving averages.