FxPro analyst: Crypto market has not yet attracted bargain hunters and contrarian traders

With the first net outflow of the US Bitcoin ETF since early January last week, the closely watched Cryptocurrency Fear and Greed Index has entered "fear" territory, down sharply from its peak in November last year. Alex Kuptsikevich, chief market analyst at FxPro, said this is an indirect signal that the relatively stable performance of the market is dampening investor sentiment. Most worryingly, the market has yet to attract dip-hunters and contrarian traders at current sentiment and market cap levels.
Technical analysis of bitcoin is understood to indicate a potential for a so-called "death cross", in which the short-term trend line falls below the long-term trend line, which some fear could herald a collapse in the price of bitcoin, which broke through the $100,000 mark after Trump's election victory but has stalled below this key level.