Bitcoin Fear And Greed Index Turns Bullish: 10x Research Highlights Key Trade Strategy
Portfolio Pulse from Murtuza Merchant
The Bitcoin Fear and Greed Index has turned bullish, indicating a potential rally. Key events include the unlocking of $800M in PYTH supply and $340M in AVAX supply, NVIDIA's Q1 2024 earnings, and VanEck's ETF decision. Bitcoin's price is approaching critical resistance levels, and a strategic trade involving Bitcoin spot, calls, and puts is suggested.

May 20, 2024 | 4:01 pm
News sentiment analysis
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NEGATIVE IMPACT
The unlocking of $340 million in AVAX supply on May 21 could impact its price and market dynamics.
The significant unlocking of AVAX supply could lead to increased selling pressure, potentially driving its price down.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
The unlocking of $800 million in PYTH supply on May 20 could impact its price and market dynamics.
The significant unlocking of PYTH supply could lead to increased selling pressure, potentially driving its price down.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70
NEUTRAL IMPACT
NVIDIA's Q1 2024 earnings report is set for May 22, which could impact market sentiment and Bitcoin prices.
NVIDIA's earnings report is a significant event that could affect overall market sentiment, indirectly impacting Bitcoin prices.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The final decision on VanEck's spot ETF application is due on May 23, with only a 7% chance of approval.
The low probability of ETF approval suggests limited immediate impact, but the decision could still influence market sentiment.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 60
POSITIVE IMPACT
Bitcoin's Fear and Greed Index has turned bullish, with potential for a rally if it breaks above $67,500. Key events and a strategic trade involving Bitcoin spot, calls, and puts are highlighted.
The bullish shift in the Fear and Greed Index and the strategic trade suggest a potential rally for Bitcoin, especially if it breaks above $67,500.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100