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The Bitcoin Fear and Greed Index, a model that looks at Bitcoin price, sentiment, and market fundamentals to measure how bullish or bearish Bitcoin ($BTC) is each day, has finally broken months of trading in “fear” territory.
The index reached a neutral level at 45/100 (where 0 represents “extreme fear” and 100 represents “extreme greed”). This is the highest the index has seen at a neutral level since April 2022. June 2022 saw the index reach extreme fear, the lowest point it has seen in years, of only 9/100. Since June, it has been ranging between 20 and 30 – sitting under extreme fear. The last time Bitcoin saw extreme greed was in October 2021.
The move from “fear” to neutral comes after Bitcoin gained nearly 25% in price over the past week’s trading.
Bitcoin Fear and Greed Index is 45. Neutral
Current price: $20,879 pic.twitter.com/lnj3pd73XL— Bitcoin Fear and Greed Index (@BitcoinFear) January 16, 2023
The Bitcoin Fear and Greed Index takes data from a number of different metrics to plot the sentiment of Bitcoin and the cryptocurrency markets. There are are a few categories considered to dictate the market’s emotions towards Bitcoin:
The index went to 52/100 earlier this month, but has since dipped down again. This implies that the market is not entirely certain of a bull run and confidence has yet to return.
Currently, Bitcoin is enjoying a streak of inclines with a bullish 12-day run. Since the beginning of the year, it has seen a 28% increase; despite the major price crash that came as a result of the FTX fall. Some analysts believe that the quick increase might suggest a correction is on the way, however some others believe that market is heading into a bullish state.
$BTC Weekly
You could not dream up a more bullish weekly candle. pic.twitter.com/fv66u76ujV
— The Wolf Of All Streets (@scottmelker) January 15, 2023
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