Bitcoin Fear And Greed Needle Starts Pointing At Extreme Greed
As per the latest weekly report from , the fear and greed index quickly turned to extreme greed values last week.The “fear and greed index” is a Bitcoin indicator that shows the general crypto market sentiment at the time. The metric uses a numerical scale of one to hundred for displaying the different sentiments.
Looks like the crypto market has quickly turned greedy | Source:
As the above graph shows, the sentiment had turned greedy last week after a fearful September, and the values are now entering into the extreme greed category.
While the month of September had some moves up, it also had several price crashes, and that’s why the sentiment was that of fear for the most part.Related Reading | TA: Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K
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BTC Price
At the time of writing, Bitcoin’s price floats around $57.2k, up 6% in the last seven days. Over the last month, the crypto has gained 22% in value.
The below chart shows the trend in the price of the coin over the last five days:Bitcoin's price shows a lot of volatility while keeping up an overall upwards trend | Source:Usually, when the crypto market sentiment reaches the extreme greed territory, the market observes a correction at least in the short term. The BTC price did have a minor dip yesterday and the fear and greed values have left the extreme greed territory today as the indicator now points at greed.