E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

SBI, ICICI Bank, Kotak Bank, AU Small Finance Bank can give up to 46% return; should you buy?

July 5, 2022

Core Scientific Sold Most of its Bitcoin Holdings in June

July 5, 2022

Wealth Guide: Real Estate – 5-point guide by expert for buying right home for your family

July 5, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Bitcoin Fear and Greed Index Dumps to Lowest Levels Since the COVID-19 Crash
Crypto

Bitcoin Fear and Greed Index Dumps to Lowest Levels Since the COVID-19 Crash

Paul EasterBy Paul EasterJune 15, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email


Amid the ongoing massacre in the cryptocurrency market, the popular Bitcoin Fear and Greed Index has plummeted deep into an “extreme fear” state. In fact, the metric is at its lowest position since the COVID-19 crash.

Extreme Fear Becomes the New Norm

The crypto markets took a massive turn for the worse starting at the end of March. At that time, bitcoin was riding high, close to $50,000, and the community wondered if it will be able to breach that level and even head for a new ATH.

However, that was not the case, and BTC entered its longest negative streak. The cryptocurrency closed the next nine weekly candles in the red and lost over $20,000 in value in the meantime.

It remained around $30,000 for a while but started plummeting last Friday again. The weekend brought more pain, and so did the start of this week. As a result, bitcoin nosedived to just over $20,000 earlier today, which became its lowest price position since December 2020.

Somewhat expectedly, this predominantly bearish trend resulted in a massive shift in investors’ beliefs and overview of the market. This is best presented by the Bitcoin Fear and Greed Index – a metric determining the overall sentiments by gauging different sorts of data, such as volatility, surveys, social media comments, and more.

It displays the end results from 0 (extreme fear) to 100 (extreme greed). Ever since the start of May, the Index has been deep inside “extreme fear.” The past few days saw another decline in the metric, which now shows 7 – the lowest position since the COVID-19 pandemic.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

Down to $13K or Bounce-Off?

Whenever such extreme price volatility hits the market, analysts rush to provide their predictions on what will transpire next. By basing his forecast on a double top that BTC formed recently, the veteran derivatives trader Peter Brandt said bitcoin is poised to drop even further, indicating a short-term bottom of just over $13,000.

In contrast, another popular analyst – Will Clemente – sees this crash as a buying opportunity since the dormancy flow metric dumped to its lowest point ever. It describes the average number of days that each spent coin had remained dormant before finally moving.

As the chart below shows, once the metric goes down, BTC tends to bounce off in the short- to mid-term.

Lowest reading on dormancy flow EVER.

Either this signal is broken and this time is different or this is one of the best accumulation opportunities for BTC ever. pic.twitter.com/hDThFVllHj

— Will Clemente (@WClementeIII) June 14, 2022

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.





Source link

Paul Easter

Related Posts

Core Scientific Sold Most of its Bitcoin Holdings in June

By Paul EasterJuly 5, 2022

FinTech Acquisition Corp Mutually Terminates Merger Agreement With eToro

By Paul EasterJuly 5, 2022

the Revolution Behind Asset Tokenization

By Paul EasterJuly 5, 2022

BTC Testing $20K But is Another Pullback Coming?

By Paul EasterJuly 5, 2022
Add A Comment

Comments are closed.

Our Picks

SBI, ICICI Bank, Kotak Bank, AU Small Finance Bank can give up to 46% return; should you buy?

By Paul EasterJuly 5, 2022

Core Scientific Sold Most of its Bitcoin Holdings in June

By Paul EasterJuly 5, 2022

Wealth Guide: Real Estate – 5-point guide by expert for buying right home for your family

By Paul EasterJuly 5, 2022
Recent Posts
  • SBI, ICICI Bank, Kotak Bank, AU Small Finance Bank can give up to 46% return; should you buy? July 5, 2022
  • Core Scientific Sold Most of its Bitcoin Holdings in June July 5, 2022
  • Wealth Guide: Real Estate – 5-point guide by expert for buying right home for your family July 5, 2022
  • The Warm Glow Of A Luminous Clock July 5, 2022
  • UP TGT, PGT Recruitment 2022: Last date of application for 4163 posts extended, check official notification and full details here July 5, 2022
  • Good news for Textile importers! Government extends exemption of import duty and agri cess till 31 October July 5, 2022
  • Videsh Mey Nivesh Ke Pathshala: Want to invest in foreign markets? Anil Singhvi explains how to do it July 5, 2022
Archives
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.