{"id":545323,"date":"2023-08-01T17:01:56","date_gmt":"2023-08-01T17:01:56","guid":{"rendered":"https:\/\/wncen.com\/?p=545323"},"modified":"2024-06-11T14:39:15","modified_gmt":"2024-06-11T14:39:15","slug":"bitcoin-investor-sentiment-flips-toward-greed-despite-fall-below-29000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-investor-sentiment-flips-toward-greed-despite-fall-below-29000\/","title":{"rendered":"Bitcoin Investor Sentiment Flips Toward Greed Despite Fall Below $29,000"},"content":{"rendered":"

Amid the turbulence, the Bitcoin price has finally fallen below the $29,000 support. This decline points to the bears taking over the market, but investor sentiment has not swung the way it normally would in such circumstances. Instead of swinging toward bearish momentum, investors are rather leaning toward greed, suggesting that they do not expect this decline to last.<\/p>\n

Bitcoin Fear & Greed Index Moves Toward Greed<\/h2>\n

The Bitcoin Fear & Greed Index<\/a> measures investor sentiment toward the market by taking into account things like surveys, social media posts, market volume, and volatility, among others. The aggregate of these metrics is then used to determine if investors are feeling bearish or bullish.<\/p>\n

Related Reading: Litecoin Sharks Buy More Than 200,000 LTC Ahead Of Wednesday\u2019s Halving<\/a><\/div>\n

The scale goes from 1-100 with 1-25 standing for extreme fear, 26-47 means fear, 54-75 means greed, and 76-100 represents extreme greed. The 48-53 level represents neutral sentiment, which is where the index has been for the last week. The direction in which the index points toward neutral is of interest here.<\/p>\n

On Monday, the index was sitting at a completely neutral score of 50. However, by Tuesday, the index is now sitting at a neutral score of 53. This move from 50 to 53 indicates that despite the price of BTC falling below $29,000, investors are still viewing it in a positive light. Otherwise, the index would\u2019ve fallen below 50.<\/p>\n

\"Bitcoin<\/p>\n

Fear & Greed Index sitting at 53 | Source: alternative.me<\/a><\/pre>\n
Given this, the chances that the current decline will not last long are high. This is because investors being bullish about BTC means they\u2019re likely to put more money into it. Once such buying pressure begins to mount, then BTC could recover above $29,000 once more.<\/p>\n
Attention Remains On BTC<\/h2>\n
On Monday, Bitcoinist reported <\/a>an 82% spike in Bitcoin\u2019s daily trading volume, indicating renewed interest in the digital asset. This saw BTC\u2019s trading volume climb to $10.8 billion, but the cryptocurrency has still not slowed down.<\/p>\n
BTC\u2019s daily trading volume also saw another significant jump on Tuesday<\/a>, rising 22% in the 24-hour period. This brought the digital asset\u2019s daily volume to $13.4 billion at the time of writing. This continuous rise reiterates the rising interest in the asset, showing that the move in the Fear & Greed Index toward the greed territory is not a fluke.<\/p>\n
Related Reading: Cardano (ADA) Price Remains Muted Despite Significant Milestones, Why?<\/a><\/div>\n
The volumes could point to accumulation among investors. And if this is the case, then BTC will likely recover over $29,000. A recovery above this mark would put the digital asset back on track to retest the $30,000 resistance before the weekend.<\/p>\n
\"Bitcoin<\/p>\n
BTC price falls below $29,000 support | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Amid the turbulence, the Bitcoin price has finally fallen below the $29,000 support. This decline points to the bears taking over the market, but investor sentiment has not swung the way it normally would in such circumstances. Instead of swinging toward bearish momentum, investors are rather leaning toward greed, suggesting that they do not expect this decline to last. Bitcoin Fear & Greed Index Moves Toward Greed The Bitcoin Fear & Greed Index measures investor sentiment toward the market by taking into account things like surveys, social media posts, market volume, and volatility, among others. The aggregate of these metrics is then used to determine if investors are feeling bearish or bullish. Related Reading: Litecoin Sharks Buy More Than 200,000 LTC Ahead Of Wednesday\u2019s Halving The scale goes from 1-100 with 1-25 standing for extreme fear, 26-47 means fear, 54-75 means greed, and 76-100 represents extreme greed. The 48-53 level represents neutral sentiment, which is where the index has been for the last week. The direction in which the index points toward neutral is of interest here. On Monday, the index was sitting at a completely neutral score of 50. However, by Tuesday, the index is now sitting at a neutral score of 53. This move from 50 to 53 indicates that despite the price of BTC falling below $29,000, investors are still viewing it in a positive light. Otherwise, the index would\u2019ve fallen below 50. Fear & Greed Index sitting at 53 | Source: alternative.me Given this, the chances that the current decline will not last long are high. This is because investors being bullish about BTC means they\u2019re likely to put more money into it. Once such buying pressure begins to mount, then BTC could recover above $29,000 once more. Attention Remains On BTC On Monday, Bitcoinist reported an 82% spike in Bitcoin\u2019s daily trading volume, indicating renewed interest in the digital asset. This saw BTC\u2019s trading volume climb to $10.8 billion, but the cryptocurrency has still not slowed down. BTC\u2019s daily trading volume also saw another significant jump on Tuesday, rising 22% in the 24-hour period. This brought the digital asset\u2019s daily volume to $13.4 billion at the time of writing. This continuous rise reiterates the rising interest in the asset, showing that the move in the Fear & Greed Index toward the greed territory is not a fluke. Related Reading: Cardano (ADA) Price Remains Muted Despite Significant Milestones, Why? The volumes could point to accumulation among investors. And if this is the case, then BTC will likely recover over $29,000. A recovery above this mark would put the digital asset back on track to retest the $30,000 resistance before the weekend. BTC price falls below $29,000 support | Source: BTCUSD on Tradingview.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":545332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,1144,78790],"class_list":["post-545323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Investor Sentiment Flips Toward Greed Despite Fall Below $29,000<\/title>\n<meta name=\"description\" content=\"Amid the turbulence, the Bitcoin price has finally fallen below the $29,000 support. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Investor Sentiment Flips Toward Greed Despite Fall Below $29,000","url":"http:\/\/wncen.com\/news\/bitcoin-investor-sentiment-flips-toward-greed-despite-fall-below-29000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-investor-sentiment-flips-toward-greed-despite-fall-below-29000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671.jpg?fit=1253%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price","btcusd","btcusdt"],"dateCreated":"2023-08-01T17:01:56Z","datePublished":"2023-08-01T17:01:56Z","dateModified":"2024-06-11T14:39:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Investor Sentiment Flips Toward Greed Despite Fall Below $29,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-investor-sentiment-flips-toward-greed-despite-fall-below-29000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-investor-sentiment-flips-toward-greed-despite-fall-below-29000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1220738671.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1220738671.jpg?fit=1253%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-08-01T17:01:56Z\",\"datePublished\":\"2023-08-01T17:01:56Z\",\"dateModified\":\"2024-06-11T14:39:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1220738671.jpg?fit=1253%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=545323"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/545332"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=545323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=545323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=545323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}