Bitcoin fear and greed index indicates a feeling of greed
The last eight days the last few market days have been very positive for the price of Bitcoin, as we have seen, last Sunday March 12 started a bullish rally that lifted the price of BTC from around $20500, to manage to surpass the $28000 mark this Sunday 19, a price zone that it had not reached for a long time.
Screenshot taken from Coinmarketcap.com, edited in Powerpoint.
It is very likely that this movement is a response to the crisis that U.S. banks are going through, the truth is that the price of Bitcoin recorded a fairly significant rebound that has allowed it to record a new annual high.
Just a few days ago, by March 14 we could observe an interesting increase, where prices registered a candle with a long wick that reached the $26000 mark, which represented an important increase in a few days, and the return to a price zone where it had not been since June 2022. And although on the 15th and 16th the price remained close to $25000, we then saw another rally starting on the 17th that pushed prices up to the $28000 mark.
Screenshot taken from Tradingview.com.
Now, all this market movement in recent days has meant that the Bitcoin Fear and Greed Index, an indicator used to represent market sentiment, is now in the green zone representing greedy sentiment.
Screenshot taken from Alternative.me.
As we can see in the following chart, before starting the recent bullish rally this index marked a value of 33, which means that it was signaling that there was fear in the market, then, on the 14th when the BTC price reached the $26000 mark, this index reached 56, a value that signals "greed".
Screenshot taken from Alternative.me.
Well folks, the current circumstances have favored the price of Bitcoin, thanks to the fact that many have once again come to see the most important currency in market capitalization as a possible store of value in the face of the banking crisis. We can only wait and see if buyers can maintain this price range.
Thanks for coming by to read friends, I hope you liked the information. See you next time.
@tipu curate
@tipu curate
Thanks!
Thanks for this free update, at least now i know where we are on the fear and greed index.
Thanks to you for reading my friend
Hello @emiliomoron
Well we know that the cryptocurrency market is highly manipulated and that increases its volatility, may be the market was manipulated to take the price to 28K and be able to withstand any adverse news woven around the FED.
Best regards, be well.
That's right my friend, that's why we always have to be careful in this market.