Bitcoin Fear And Greed Index Indicates Continued Greed in the Markets
The Bitcoin fear and greed index currently stands at 63, showing that the market remains in the greedy zone. This marks a decline from the previous high of 70, indicating even higher levels of greed.
As the name suggests, the BTC fear & greed index provides insights into the sentiment of the cryptocurrency markets. Historical data reveals that markets often reverse direction after reaching extreme levels of greed (above 75) or fear (below 25). Consequently, many investors utilize this index to time their market entry and exit.
After failing to break above the key resistance level of $38,000, the price of Bitcoin is currently hovering around $36,400 on Friday. A sudden sell-off last night caught many traders off guard and caused panic within the crypto community.
Technical analysis, however, indicates that there hasn’t been any significant change in the bullish market structure of this highly valuable digital asset. It will be crucial to monitor the weekly low of $34,500, as it needs to serve as a support level.
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