2 years ago
The Bitcoin Fear and Greed Index reached an scale people of 52 implicit the weekend, marking the archetypal clip its deed neutral territory successful 3 quarters.
Own this portion of past
Collect this nonfiction arsenic an NFT
The highly-referenced Bitcoin Fear and Greed Index moved into neutral territory implicit the play pursuing respective months of fear.
On Jan. 15, the index reached a neutral level of 52, its highest since April 5. The determination follows a 24% summation for the BTC implicit the past 7 days.
The marketplace sentiment tracker deed a multi-year debased of 9 successful June 2022. Since past it has been hovering betwixt 20 and 30 successful the “Extreme Fear” category. Furthermore, it registered its longest-ever streak of utmost fearfulness successful mid-2022, as reported by Cointelegraph.
The fearfulness and greed scale uses “motions and sentiments from antithetic sources” including existent volatility, marketplace momentum and volume, societal media and Google Trends data, among others.
Together, information from these sources is utilized to make a straightforward fig to summarize the affectional authorities regarding Bitcoin and crypto markets.
It consists of 5 categories ranging from utmost fearfulness to utmost greed, the second not been seen since October 2021.
As astatine the clip of writing, the scale has dipped backmost down to 45, which puts it backmost into the “Fear” category, suggesting that assurance has yet to marque a afloat return.
Bitcoin Fear and Greed Index is 45. Neutral
Current price: $20,879 pic.twitter.com/lnj3pd73XL
Meanwhile, Bitcoin has seen its second-longest streak of gains successful past with a 12-day tally this month. The plus has gained 28% since the opening of this year, wiping retired each losses successful the clang that followed the FTX illness successful aboriginal November.
The monolithic momentum has created a ample question successful method indicators specified arsenic the RSI (relative spot index) which has deed its highest level for 4 years connected the regular timeframe.
High RSI figures tin suggest that an plus is overbought and a correction is due.
Highest RSI levels connected Daily $BTC illustration for 4 years.
Each of the anterior 3 touches of the 90 level responded arsenic follows:
Touch 1: BTC continued +18% higher earlier correcting -12%
Touch 2: BTC continued +16% higher earlier correcting -21%
Touch 3: No BTC summation and -31% correction pic.twitter.com/swQSLqATIi
Related: Bitcoin fails to person that bottommost is successful with $12K ‘still likely’
Several analysts person labeled the caller determination arsenic a bull trap but a coagulated play adjacent has led immoderate to judge the momentum volition continue.
— The Wolf Of All Streets (@scottmelker) January 15, 2023Professional trader and illustration guru Peter Brandt summed it up connected Jan. 16, tweeting:
“Any idiot tin marque chaotic guesses astir markets, truthful present is my dunce-hat prediction. In reality, cipher has a hint what immoderate fixed marketplace volition do. $BTC.”Bitcoin was trading up 2.2% connected the time astatine $21,1652 astatine the clip of writing, according to CoinGecko.
English (US) 