Leading cryptocurrency Bitcoin (BTC) Although it has turned green again with the latest situation in the market, it has actually come out of a very scary 73-day period. The leading cryptocurrency, which achieved a sudden rise on Tuesday and went up to $ 23,000, 73 days old finished the series. BTC has been in a state of “extreme fear” for 73 days, according to the Fear and Greed Index.
The Needle Turns Up Again in BTC
Although the Fear and Greed Index did not immediately set the needle to the level of Greed, extreme fear eventually gave way to fear. The index, which rose up to 30 points out of 100, then went up to the level of 31 and the rise continues.
The index measures the general state of the cryptocurrency industry and the state of investors. of bitcoin market to its volatility The index, which is also linked to, additionally addresses volume, BTC dominance, social media posts, surveys and search data.
On-chain analytics company centiment In the post he shared on Twitter, he stated that investors have changed their perspectives and that they may start to expect a rise soon. The average funding rate of BTC in the options markets also rose to the highest level in the last 2 months and reached the level of $ 23,600. This may indicate that FOMO is actually starting to come in.
Traders are changing their tune and are smelling a long-term breakout after a dominant #Bitcoin Tuesday. With the #1 market cap asset in #crypto surging, the ratio between $BTC #longs and #shorts is at its highest point since early May. watch for #FOMO. https://t.co/4PcBhoKywd pic.twitter.com/dSPmazk1S1
— Santiment (@santimentfeed) July 19, 2022
Galaxy Digital CEO Mike Novogratz continued to make positive statements about BTC. In a statement yesterday, Novo emphasized that he thinks BTC will reach $ 500,000 in 5 years.