The Crypto Fear & Greed Index finally clawed its way out of the “fear” On Sunday, the price of Bitcoin surged to $115,000 on the weekend. This was the first time since more than two months that the zone had been neutral.
The Crypto Fear & Greed Index, which measures overall market sentiment, is currently sitting in the “neutral” A score of 51 points out of 100 is considered zone.
The score is up by 11 points compared to the dreadful 40 points on Saturday. It has also increased over 20 points in the last few days, indicating a dramatic change of tune.
Trump’s China tariff The index had fallen from A to B after the announcement made on October 10. “greed” Score of 71 or more to an A yearly low of 24 Crypto leveraged positions worth $19 billion were liquidated.
“Aggressive” BTC is declining in popularity
This shift comes in response to the recent drop in Bitcoin.BTCAccording to Bitcoin analytics platform Glassnode, there is a lot of pressure on sellers.
Glassnode, in a post published on X Sunday, suggested that a trend reversal was imminent, since selling pressure and negativity had already reached their extremes.
Related: Bitcoin is no inflation hedge but thrives when the dollar wobbles: NYDIG
“For the first time since the October 10th flush, spot and futures CVD [Cumulative Volume Delta] have flattened, indicating that aggressive selling pressure has subsided over the last several days,” The post continues:
“Funding rates remain below the neutral level of 0.01%, indicating no excessive long positioning or froth. In fact, we can see that funding flipped very negative several times over the last 2 weeks showing that participants lean towards caution.”
Market participants are predicting another rate cut from the US Federal Reserve on Oct. 29, based on other potential bullish indicators.
CME Group has provided data at the time this report was published. FedWatch The Fed could cut interest rates by one quarter point in the next week, according to tips.
Magazine: Bitcoin flashing ‘rare’ top signal, Hayes tips $1M BTC: Hodler’s Digest, Oct. 19 – 25
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Source: cointelegraph.com
