With Bitcoin (BTC) rising above 35 thousand dollars again after 17 months, “greed” dominated the cryptocurrency market.
Based on data provided by Alternative.me Bitcoin in the last 10 days And in cryptocurrencies With the rise Bitcoin Fear and Greed Index (FGI), November from 2021 the highest level since to 72 reached.
Bitcoin rises as spot ETF expectations rise 35 thousand dollars levels 17 months later While exceeding it again, it comes to mind that the index in question has increased so much. “Are we at the top?” brought the question.
FGI hits Bitcoin’s latest high (ATH) in the period it reached Greed by going above 75 It came at the level. In the current situation, the greed signal indicates that the bull rally will not occur for a while.
The index in question is 0 to 100 Market sentiment of Bitcoin and cryptocurrencies by varying between help analyze is happening. The index includes the market’s current momentum, volatility, volume and social media comments.
0 to 24 in FGI a number between “Extreme Fear” While defined as 25-49 points is in the market “fear” shows that it is. 50 points neutral when stating a situation 51-74 score between “greed”, 75-100 If the score between “Extreme Greed” It means.
index market whether it is upward or downwardWhile it performs quite well in determining whether it is not, it should be above There is a wider range in which the price can decline also expresses.
The general opinion is in the market when fear prevails making a purchase when greed rules is for sale.
On the other hand, the indicator called relative strength index (RSI) also gave a similar signal. 0 to 100 level In this indicator, which is in the range of 70 and above, “overbought” and indicates that a decline may occur. RSI on daily period, at level 87 is available.