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Bitcoin Fear And Greed Index Shows The Markets Remain Greedy

The Bitcoin fear and greed index has hit 63 but the index remains in the greedy territories. This translates into a sharp drop from the weekly high of 70 which indicated even more greed in the markets.

As the name suggests, the BTC fear & greed index shows the true sentiment of the crypto markets. The history tells us that the markets often reverse after hitting the extreme greed (>75) and extreme fear (<25) on the index. Therefore, many investors use this as a tool to enter and exit into the market.

After a failure to break above the key resistance level of $38,000, Bitcoin price is hovering around $36,400 on Friday. Last night’s abrupt sell-off took many traders off guard and caused panic among the crypto community.

Bitcoin fear and greed index
Bitcoin Fear & Greed Index – Source: Alternative.me

However, technical analysis shows that there is no major change in the bullish market structure of the most valuable digital asset. A key level to watch will be the weekly low of $34,500 which must act as a support.