Bitcoin (BTC) is due a “relief bounce” next as crypto market sentiment hits two-month lows.
Key points:
The Crypto Fear & Greed Index hits “extreme fear” with its lowest score since early April.Analysis sees “max fear” accompanying Bitcoin’s drop toward $65,000.A game of “catch-up” should ensue later, with BTC price action targeting stock market records.Analysis: Crypto Fear & Greed Index crash “a good sign”
In X analysis on Wednesday, commentary account Cryptic Trades flagged a collapse in the Crypto Fear & Greed Index.
“A relief rally on $BTC IS COMING,” it wrote.
“We’ve reached max fear, which is a good sign.”
Crypto Fear & Greed Index (screenshot). Source: Alternative.me
Fear & Greed uses a basket of indicators to produce a normalized sentiment gauge for crypto between one and a hundred. Readings below 25 are classed as reflecting “extreme fear” among investors.
On Wednesday, the Index stood at 11/100 — its lowest level since April 5. Since Monday, its score
Continue reading
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!