Home Crypto Bitcoin, Cryptos Struggle as Fear & Greed Index Falls to FTX Collapse Level

Bitcoin, Cryptos Struggle as Fear & Greed Index Falls to FTX Collapse Level

by Editorial Staff
0 comment 1 views

The collapse of Bitcoin and the crypto market has fully ruined the constructive sentiment because the bears have now gained management of all the market. The Concern and Greed Index has been steadily declining over the previous month, falling to new annual lows within the course of. With Bitcoin falling to $53,000 final week, the Crypto Concern & Greed Index reached ranges not seen because the November 2022 FTX crash.

The Crypto Concern & Greed Index tumbled to twenty-eight

The Crypto Concern & Greed Index continues to climb into Concern territory with a rating of 28 out of 100 after months of greed in 2024. This decline signifies the reluctance of traders to speculate out there, as costs are anticipated to proceed to fall.

Crypto Fear and Greed Index
Supply variousme

To indicate how dangerous the present market sentiment is, the final time the Crypto Concern & Greed Index was beneath 28 was in November 2022. This got here after the notorious FTX crash, which noticed the value of Bitcoin plummet to $16,000.

Since then, the Index has managed to remain above 30 factors, combating the tendency to fall into Excessive Concern at each flip. Nonetheless, it seems that the market has absolutely succumbed to bearish stress, which can lastly push it into Excessive Concern territory for the primary time in two years.

A Bitcoin restoration could also be imminent

Whereas the Crypto Concern & Greed Index plummeting to twenty-eight and sitting firmly in Concern territory has postpone traders, this can be factor contemplating historic efficiency. One factor that has been constant is that the drop within the index earlier than Excessive Concern has often marked the underside of the decline.

For instance, again in November 2022, when the value of Bitcoin fell to $16,000 and dropped the Crypto Concern and Greed Index beneath 28, it marked the underside of the market. There was some sideways motion for some time. Nonetheless, within the following months, the market started to get well and one other progress started.

From the underside in November 2022, the value rose greater than 250% and reached a brand new all-time excessive in 2024. Now, if this development continues, the value of Bitcoin might be in for one more bounce, as soon as this build-up ends it may set off one other run to a brand new all-time excessive.

On the time of writing, Bitcoin worth is already seeing some restoration from the lows to $57,200. Whereas that is nonetheless an 8.8% decline over the previous seven days, it’s nonetheless a welcome restoration from the weekend lows beneath $54,000.

Bitcoin Price Chart from Tradingview.com (Crypto Fear & Greed Index)
BTC Struggles With Falling Sentiment | Supply: BTCUSD on Tradingview.com

Featured picture created with Dall.E, chart from Tradingview.com

Source link

author avatar
Editorial Staff

You may also like

Leave a Comment

Our Company

DanredNews is here to give you the latest and trending news online

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Laest News

© 2024 – All Right Reserved. DanredNews