For the first time in about 4 months, the Crypto fear and greed index hits ‘greed’ as Bitcoin clears the critical resistance of $45k. During this period, we have seen fear to extreme fear in the market as Bitcoin made a bottom of nearly $34k. While we didn’t visit $30k levels like the last correction, the fear was at a similar level.
Crypto fear and greed index hits ‘greed’
When Bitcoin made an all-time high of $69k back in November, the fear and greed index also hit this level for the last time. After that, we slowly moved down, and the price of Bitcoin broke below all critical supports. This created extreme panic in the market as many speculated that we had made a double top pattern in BTC. However, that doesn’t seem to be the case as Bitcoin has started moving up now. In the last 24-hours, it has broken through the $47.5k resistance and has made a high of $48,234 near the MA 200.
Ethereum has also been doing well, with Bitcoin rising at such a pace. It made a high of around $3,431 and has retraced back to $3,370 with Bitcoin’s pullback. However, things stay bullish as both BTC and ETH are dominating the market gains and are well above the main supports. Other altcoins have also pumped significantly due to this rally. Solana has overtaken Luna while ADA has reclaimed the $1.20 support. LINK and DOT are rising as well.
The fear and greed index
This index helps us understand the market sentiment. You can use it to identify the best times to invest in the market because it’s said that you buy when others are fearful and sell when they are greedy. Just a week back, we were in the fear sentiment with 26 points, and a rally has pushed it up to greed at 56. Indicators also show that BTC might be overbought. However, till we reach extreme greed, the rally could continue. Once everyone gets super bullish and starts talking about $100k in 2 months, we might see a correction.
What are your thoughts as the crypto fear and greed index hits ‘greed’? And do you think we will see a correction soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: US Senators are working on comprehensive crypto regulations.
