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Bitcoin’s Concern and Greed Index at $49/100 after slight worth restoration

Bitcoin has made waves this 12 months, and this month, it hit an all-time excessive of $69K. Nevertheless, the volatility out there is at present excessive, which has contributed to the coin making the present dips to $59K.

One of many elements used to point out the market sentiments surrounding Bitcoin is the Concern and Greed Index. The worry index is normally shaped when the market is on a pointy bearish development, whereas the greed index types after a interval of notable bullish positive aspects.

Bitcoin’s Concern and Greed Index on impartial zone

Presently, information reveals that the Bitcoin “Concern & Greed” index is at present sitting on the 49/100 ranges. It is a impartial zone, displaying that the general market sentiment in regards to the coin is impartial, in that traders are neither optimistic nor pessimistic.

The present index reveals a serious drop from final week when the greed ranges have been on the stage of 73/100. Through the previous three days, the index additionally shifted in direction of the worry zone with a 43 out of 100. On November 19, this index dropped to a month-to-month low of 34/100.

Earlier this month, the index hit a month-to-month excessive of 84/100. The rise of the index into excessive greed ranges was attributable to current will increase in costs the place the coin hit an all-time excessive of $69K. Within the coin’s historical past, it was the primary time it reached $69,000, with most of those positive aspects coming from an inflation spike within the US.

Bitcoin undergoes sharp correction

After a serious bullish rally this month, Bitcoin lately underwent a pointy worth correction. The first cryptocurrency plunged to month-to-month lows of $56,500, but it surely has since seen some notable positive aspects by reaching the extent of $59,000.

The value correction has resulted in main liquidations for a wide range of crypto buying and selling pairs. Knowledge from analytic platforms present that round 41.12 billion price of lengthy and brief [positions were liquidated between November 16 and November 18. The largest percentage of these positions were liquidated in Bitcoin and Ethereum, the two coins that made major gains since the start of the month.

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