Bitcoin's Technical and Sentiment Factors Influence Current Trends

According to PANews, Matrixport's recent analysis highlights that Bitcoin's current market behavior is primarily driven by technical and sentiment factors, despite ongoing pressure on its on-chain data and price fluctuations around the 21-week moving average. Optimism surrounding U.S.-China trade negotiations has added upward momentum to the market. A report from October 20 indicated that the self-developed 'Greed & Fear Indicator' has returned to a historical range where rebounds are more likely, with several technical indicators signaling a contrarian bullish outlook. However, reaching new highs may still be premature. Although the put option premium has significantly decreased, the continuation of ETF net inflows remains crucial to sustaining the current positive trend.