For the first time in nine months, the Bitcoin Fear and Greed Index crossed out of 'Fear' and into 'Neutral' territory. Observers warn of a bull trap, however.
The market sentiment tracker hit a multi-year low of 9 in June 2022. Since then it has been hovering between 20 and 30 in the “Extreme Fear” category. Furthermore, it registered its longest-ever streak of extreme fear in mid-2022, asThe fear and greed index uses “motions and sentiments from different sources” including current volatility, market momentum and volume, social media and Google Trends data, among others.
Together, data from these sources is used to create a straightforward number to summarize the emotional state regarding Bitcoin and crypto markets. It consists of five categories ranging from extreme fear to extreme greed, the latter not been seen since October 2021. As at the time of writing, the index has dipped back down to 45, which puts it back into the “Fear” category, suggesting that confidence has yet to make a full return.
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