Bitcoin sees bullish gains to fall from “fear” levels

Last Updated on 53 mins by John Piper

The Bitcoin Fear and Greed Index has ended months of trading in “fear” territory. It looks at Bitcoin sentiment, price, and market fundamentals.

45/100 was the neutral level. 0 is extreme fear and 100 extreme greed. This is the highest index level at a neutral point since April 2022. The index reached extreme fear in June 2022, which was the lowest level it had seen in many years. It is now at 9/100. It has fluctuated between 20-30 since June – it is now sitting in extreme fear. Extreme greed was last seen in Bitcoin’s October 2021.

After Bitcoin’s nearly 25% increase in price during the last week, this shift from “fear” towards neutral is evident.

The Fear and Greed Index

The Bitcoin Fear and Greed Index uses data from many different metrics to chart the sentiment of Bitcoin and cryptocurrency markets. These are the categories that are thought to be influencing the sentiment of the market towards Bitcoin.

  • Market volatility,
  • Volume and market momentum are important.
  • Sentiment on social media
  • Google Trends data regarding search terms.

The index was at 52/100 in the beginning of this month but it has now fallen back to 52/100. This suggests that confidence is still low and the market isn’t certain it will continue its bull run.

Bitcoin sentiment and price

Bitcoin is currently enjoying a string of inclines and a bullish 12-day run. It has experienced a 28% rise since the start of the year, despite the major price drop that occurred due to the FTX fall. Analysts believe the market is headed for a correction, while others think the rapid increase could be a sign that a correction is imminent.

Coin Insider’s first article, Bitcoin: Bullish Gains to Fall from Fear Levels appeared first on Coin Insider.

Be the first to comment

Leave a Reply

%d bloggers like this: