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Fear & Greed Index Suggests A Bull in the Bitcoin Market?
As indicated by Justin Kwo, an analyst director from Bexplus, Cryptocurrency trading is a game of nerves and it cannot withstand the emotional behavior. Traders keep on changing their minds with the sudden and strong market fluctuations. This behavior reflects their psychological instability and prevailing sentiment in a particular time zone. However, in the Bitcoin market, traders’ emotions will determine their trading behaviors, which, therefore, affects the future trend of Bitcoin.
So, what is Fear and Greed Index?
Alternative.me has the most well-known and respected Bitcoin fear and greed index.
- Extreme fear can be a sign that investors are too worried. That could be a buying opportunity.
- When Investors are getting too greedy, that means the market is due for a correction.
To make it precise:
- When the index drops below 20 it indicates extreme fear.
- When the index rises above 60, it indicates extreme greed.
The result of Fear and Greed Index is calculated from the following aspects:
Volatility: the program marks wider fluctuations as a sign of fear
Market volume: if buying volumes increase significantly, the greed levels rise, too
Social media: the client monitors, gathers and counts posts on various hashtags, to see how many interactions they receive over certain time-frames
Dominance: when Bitcoin dominance rises, it indicates an increasing level of greed, and vice versa, when the dominance shrinks, it means that people get scared to invest in BTC.
Trends: the program pulls Google Trends data for various Bitcoin-related search queries and crunches those numbers, especially the change of search volumes.
Fear and Greed Index Signals A Bull Recently
From the picture below, we can see that in the past 2 months approximately, the crypto Fear and Greed Index has been between “Extreme Fear” and “Fear” degrees. Amid the coming halving as well as Bitcoin has nearly doubled since the extreme low set back in mid-March, showing that this very well could be the disbelief rally is coming which may surges to new highs.
Take Advantage of Market Fluctuation and Double Profits
Though the Fear and Greed Index may indicate a bullish trend, there will be a lot of fluctuations. Make profits on these fluctuations, you can make great fortune before BTC skyrockets to $20,000 again.
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One of the richest traders on the planet Warren Buffet said, “Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.”
Remember the quote, you can make successful trades in Bexplus easily!
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Bitcoin price was headed for its worst week since November 2022 on Friday as volatility, buoyed by low liquidity continued to outweigh crypto markets. Bitcoin has dropped below the crucial support level of $26,500, changing hands at this level. The asset’s price has dipped by more than 11% in the past week, while its total market cap inched lower to $516 billion.
Fundamentals
Bitcoin price has been on a downward trend for seven consecutive days amid congestion in the network’s system and the regulatory crackdown on cryptocurrencies. The digital coin has been struggling to gain bullish momentum for the past few days. Bitcoin is currently up by 60.54% in the year to date, but its prices have remained volatile.
The crypto market has been battling low liquidity, regulatory crackdown, and macroeconomic concerns. Data by Coinmarketcap shows that the global crypto market cap has slipped to $1.11 trillion, down from $1.27 trillion earlier in March. Bitcoin’s dominance has also inched lower in the past few days.
The regulatory crackdown on cryptocurrencies has ramped up since the fall of crypto exchange FTX. Ripple Labs has been in a lawsuit against the US Securities and Exchange Commission (SEC) over the last year over concerns about its native coin XRP. Additionally, SEC recently warned Coinbase over potential securities law violations. Binance, the largest cryptocurrency exchange platform, was recently accused of violating trading rules by the Commodity Futures and…
Shiba Inu price has been in the red for the past two consecutive days as investors shift their focus to the Federal Reserve’s two-day monetary policy meeting. The SHIB price has slipped nearly 4% over the past 24 hours, dropping below the important level of $0.00001. SHIB’s total market cap has dropped by 3.31% in the last 24 hours, while the total volume of the coin traded surged 86%. Shiba Inu currently ranks as the 15th largest cryptocurrency after Binance USD and ahead of Avalanche.
Fundamentals
Like other digital assets including, the largest – Bitcoin, Shiba Inu price has been under intense pressure since the start of the week, erasing some of the gains made in last week’s sessions. The cryptocurrency market has been on a downward trajectory ahead of the Fed’s interest rate decision for May.
The global crypto market cap has decreased by 4.30% over the last day to $1.17 trillion, while the total crypto market volume jumped by 43%. Bitcoin’s dominance has also slipped. Bitcoin and Ethereum have each plummeted by more than 5% in the last day, weakening the overall crypto market sentiment. Most altcoins tend to move in tandem with the heavyweights’ performance.
The focus is now on the meeting of the Federal Open Market Committee (FOMC) set to end later on Wednesday. Markets are anticipating a 25-basis point interest rate hike in May as the Fed battles persistent inflation. Notably, investors…
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