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Bitcoin’s Fear and Greed Index At Fastest Pace Since November 2021

After a choppy month in which whales paid out and took profits, the cryptocurrency market soared to a collective valuation of more than $2 trillion. The market leader – Bitcoin, for example – tested the coveted $45k level but failed to reclaim it. The Bitcoin Fear and Greed Index essentially demonstrates the general market sentiment towards BTC by considering factors such as volatility, surveys, social media activity, dominance, and other factors. On Feb. 8, the index climbed to 48 — a state of “neutral” after a nearly three-month period of being in a state of fear or extreme anxiety, according to Bitcoin Fear and Greed Index is 48. NeutralCurrent price: $43,778 — Bitcoin Fear and Greed Index (@BitcoinFear) February 8, 2022 The Fear and Greed Index had reached 45 on December 22, followed by Bitcoin showing a slight upward trend noticing trend from $46k to $52k before making multiple tumbles. Since then, the index has largely fluctuated within the boundaries of ‘Fear’ and ‘Extreme Fear’. The latest shift marks a reset in terms of sentiment, but the week’s bullishness doesn’t negate the possibility of a return to red. The score reflects a sentiment of optimism among crypto traders and investors. Bitcoin faced significant resistance in the $45k area. CryptoPotato had reported that millions of shorts were liquidated as a result. Average funding rates remained low, meaning traders are cautious to avoid significant short-term liquidations. The rally is also accompanied by low volatility in the BTC options market. In a recent Twitter thread, QCP Capital said the prices of cryptocurrencies have risen despite NASDAQ trading lower towards the end of last week. However, it also claimed that this phenomenon does not necessarily mean that crypto is necessarily disconnected from NASDAQ, instead it showed the “tangible and focused crypto demand at the moment”. The digital asset trading firm believes the upward trend could continue: “Given the absence of significant macro events ahead of the February 17 FOMC minutes, we expect this upward momentum to continue.” However, in the past few hours, the market has corrected as BTC is now hovering slightly above $43K. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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