Bitcoin Vulnerable Despite Rising Market Sentiment
Bitcoin (BTC) continues to hover above $64,000, facing persistent headwinds despite hopes of a potential bullish reversal. The cryptocurrency's price is being closely watched as it edges lower toward the 50-day Exponential Moving Average (EMA) at roughly $64,368.
The Fear and Greed Index has risen into neutral territory, with a reading of 41 on Wednesday, indicating a mild shift from risk-off sentiment among investors. However, Bitcoin's technical outlook remains bearish in the near-term, suggesting that downside attempts are being absorbed for now.
Venice Token (VVV) and Sky (SKY) are leading gains over the past 24 hours, with VVV surging by 20% earlier this week. The AI token is facing immediate resistance at the 50% retracement of its downswing from $21.42 to $9.81, at $14.25.
Sky hovers above $0.0500 at press time on Wednesday, holding the 10% gains over the last three days. However, SKY remains under pressure, holding below both the 50-day EMA and the 200-day EMA, which keeps the broader bias bearish.