Bitcoin (BTC) and Ethereum (ETH) Cryptocurrency sentiment indices are returning to “Neutral” zones as they try to break through key resistance points.
Bitcoin “Fear and Greed” Index Rises to Early-April Levels
According to Alternative’s forecast, Bitcoin hit 46/100 on the “Fear and Greed” index for the first time since April 6, 2022. While still below 50/100, analysts rate this metric as “Neutral”.
With this development, the metric, which is one of the important indicators of BTC’s sensitivity, seems to have recovered from the effects of the Terra (LUNA) collapse and the subsequent big drop in crypto money prices.
In June 2022, the index briefly dropped to 6/100, marking a level of fear not seen for many years. Just a week ago, this index was at 30/100.
Today, Bitcoin (BTC) tried to retrace the $25,000 level for the first time in two months. Ethereum (ETH), the second largest cryptocurrency in the world, saw over $ 2,000.
Bitcoin (BTC) and Ethereum (ETH) investors who were lucky enough to buy the bottom in mid-June 2022 are now gaining 40% and 100% respectively.
Investors Are Optimistic Ahead of Merge
The sentiment of the crypto market has been positive in recent days as there are many investors waiting for prices to rise after the Merge activation of the Ethereum (ETH) mainnet. This game-changing event is expected to take place on September 15.
*Not investment advice.
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