Bitcoin Fear And Greed Index Reaches 17-month High

Key Points:

• Bitcoin Fear & Greed Index rose to 69, the highest in 17 months.
• The rise in the index signifies a clear change in traders’ sentiment to a level close to “too greed.”
• In November 2021, when Bitcoin price recorded an all-time high, this index recorded 84.

Although the Bitcoin price continued to soar and broke above $30,000, the index that gauges the market’s investor confidence reached a 17-month high.

The Crypto Fear & Greed Index, a market mood gauge, soared to 69, a new high not seen in a long time (since November 2021), according to Alternative.me.

The surge in the index, which measures anti-volatility, market momentum, and social media and search engine trends, indicates a definite shift in traders’ attitude to a level close to “too greed.” As an example, in November 2021, when the price of Bitcoin reached an all-time high, this index was 84.

As a consequence, in the cryptocurrency market, investors may begin purchasing Bitcoin at a price greater than the fair value.

But, investors are apprehensive that even a little price decline might disrupt the market if they get caught up in the market mood and purchase cryptocurrencies at exorbitant rates.

Bitcoin was trading at $29,443, a 3.2% decrease from the previous day.

Several traders, who had forecast a retest of the $30,000 support level, were unsurprised, with many thinking that the incident would provide a buy-the-dip opportunity before Bitcoin surged higher.

Whether Bitcoin truly achieves a price above $100,000 by the end of 2023 (or sooner) will be determined by a number of factors, including the general atmosphere in the crypto industry, which is influenced by developments such as the regulatory attitude toward it, as well as the outcome of major lawsuits in the sector.

Despite the widespread confidence, Bitcoin bulls were feeling the pinch at the time of writing, with long liquidations reaching over $29 million on April 17, according to Coinglass statistics. The total value of cross-crypto liquidations was roughly $121 million in the last 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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