FOMO Rises In The Crypto Space As The Bitcoin Price Surges Above $23.6k

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Bitcoin seems to be entering a recovery phase after it regained the $20,000 price level, and the currency’s bounce has surpassed the 200-weekly moving average (WMA) alongside the US equity market. However, this has seen a rise in FOMO (Fear Of Missing Out) among Bitcoin traders.

The recovery phase of the crypto space occurs parallel to the Federal Reserve’s decision to hike the interest rates by 75 bps. Even the US stock markets have seen massive profits amidst negative market sentiments. There is an increase of more than 750 points in Dow; Nasdaq saw a rise of 3.11% while S&P by 2.76%.

These developments are due to FOMO among traders and investors- whenever this happens, the markets will see an increase in fund inflows.

The crypto space has also received positive news, which has boosted the recovery further- for example, the Federal Reserve’s rejection to increase 100 bps during the July FOMC meeting and Ethereum’s upcoming merge in September. 

In just seven days, the two major cryptocurrencies, Bitcoin and Ethereum, have surged around 25% and 50%, respectively. In addition, the Crypto Fear and Greed Index score has also hit 31, which has not been seen since April. This indicates that there is a surge in interest among investors, and bulls may soon resume the dominant position in the market. 

Bitcoin To Surge High Soon?

Additionally, market analysts and experts such as PlanB, Rekt Capital, and Michael van de Poppe had previously claimed that if Bitcoin manages to maintain the price level above $22,800, there will be a bull rally, and the price will reach $28,000 before the end of July.

Bitcoin is currently selling at $23,430, with an increase of 7.24% in the last 24hrs, and the currency’s price has even moved above 200-WMA. Also, at the time of writing, Ethereum is trading at $1,539 with an upswing of 0.72% in the last 24hrs.

The Santiment data, which provides on-chain analytics, claims that the FOMO rate is displaying a bull run after Bitcoin maintains a $23.6k range along with an increase in the short and long ratio since May.