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Bitcoin Fear and Greed Index Hits a New 17- Month High of 69

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Bitcoin Fear and Greed
Bitcoin Fear and Greed

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The crypto fear and greed index has reached a 17-month high, according to data from Alternative. The index currently stands at 69. 

  • What: The Bitcoin fear and greed index, which tracks various components of the crypto market, has reached a 16-month high of 69.
  • Why: The increase is due to Bitcoin’s steady value growth, with the cryptocurrency seeing a surge of 7.1% in the last 30 days.
  • What’s next: Investors should pay attention to the index as extreme fear could be a buying opportunity, while too much greed in the market could indicate an upcoming correction.

The index is an aggregate of various components and factors of the current crypto market to determine the momentary investor sentiment towards BTC. Such factors include price volatility, social media comments, and surveys. The index is updated daily and varies depending on market conditions, crypto asset volatility, market statistics, trading volume, and other factors.

Bitcoin entered the “greed” phase in January 2023 for the first time since March 2022. Since then, the index has been in the greed phase and currently stands at 69. 

The cryptocurrency market has been consolidating recent gains, with Bitcoin experiencing a surge of 7.1% in the last 30 days, 4.1% in the last 14 days, and 3.7% in the last seven days, according to CoinGecko data. BTC is currently trading at $29,402, an improvement from its one-month low of $26,606.69. The cryptocurrency briefly touched $31,005 before falling to its current price. The surge in Bitcoin’s value has been attributed to the collapse of several banks, including Silicon Valley Bank. 

Fear Greed Index – What Next?

The Fear & Greed Index provides valuable information for investors and traders, as extreme fear can signal a buying opportunity while too much greed can indicate a correction. With Bitcoin in the “greed” phase and the index at a 17-month high, investors should remain vigilant and keep an eye on market conditions.

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