Bitcoin and Other Altcoins Gain for Second Week; Major Cryptos Face Pressure Now

This is the second consecutive week of gains for most cryptos and altcoins. In large part, this week’s gains were due to the Federal Reserve raising rates online by 75 basis points.

As of this writing at around 11:50 a.m., bitcoin is trading down 0.8% to $23,779, Ethereum, the second leading digital token, is also down more than 1%.

For the week, bitcoin’s gains are close to 4%. In fact, bitcoin soared even as the United States reported a contraction in GDP for the second week in a row. By technical definition, this signals a recession for the country.

According to the latest bitcoin weekly chart, it was analyzed that investors entered the crypto asset in a big way at the price of $20,000. On a weekly basis, the RSI for BTC is at 35, suggesting that prices are neither overbought nor oversold, but rather in a neutral range.

The fear and greed index that highlights sentiment against the price of bitcoin ranges between 0 and 100. “0” here signifies extreme fear while 100 highlights “extreme greed.” The index includes price, volatility, social media influence, momentum as well as Google search trends. The index was at 39 which means “fear”. In October, the highest reading of 84 was recorded, indicating excessive greed when bitcoin traded above $60,000.