TL;DR Breakdown
- Data from the Fear and Greed index indicates the Bitcoin market is in a state of “fear,” which suggests buying opportunity.
- Hours ago, the Bitcoin crossed $39,000, causing the liquidation of $1.1 billion short positions.
Despite the recent increase in the market value of the largest cryptocurrency, Bitcoin (BTC), the Fear and Greed Bitcoin index suggests that the Bitcoin market is still in a state of fear. Most investors are still worried, which reportedly translates to a “buying opportunity.”
Bitcoin F&G index reads “fear” at 26
The fear and greed index curates and analyzes several sentiments in the Bitcoin market and rates them between 0 to 100, wherein a reading of zero means the market is in extreme fear while the latter means extreme greed. At the time of writing, the F&G index reads 26, which means many investors are still worried about Bitcoin, regardless of the quick push in price some hours ago.
For the past week and month, the market has been in extreme fear, as BTC continued to struggle in the bear market. Since the all-time high in April, BTC has fallen by over 40 percent, amid the bear market and other developments such as the prohibition of miners in China, which drastically impacted the entire hashrate on the network.
The Bitcoin market is bracing up amid $38,000 BTC
Notwithstanding, many investors in the market are starting to brace up, as Bitcoin briefly touched $39,000 – a price level last seen six weeks ago. Bitcoin was trading at $38,399 at the time of writing, with a total market cap of over $720 billion, according to CoinMarketCap.
More than $1 billion worth of Bitcoin short positions were liquidated within the past 24 hours due to the increase in BTC.
It remains unknown how soon the “fear” sentiments in the Bitcoin market will change. However, some believe the bulls are gradually gaining control of the market again.
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