TL; DR failure:
- According to the Fear and Greed Index, Bitcoin investors are currently afraid of the market.
- Financing rates are also low, which indicates the opportunity to buy.
Bitcoin investors have different feelings about the current market situation. Since the sudden fall a week ago, some have questioned whether bitcoin is back in the downtrend or just a normal price correction. One thing is certain, however, is that Bitcoin investors are afraid of the current market situation, which is the best time to extend BTC.
F&G shows bitcoin investors are scared
At the time of writing, the Bitcoin Alternative Market Index is rated “30”, which means that bitcoin investors are a little too scared. According to the report, just before the fall last Tuesday, investors were greedy. Last week’s index scores were 79 and 71 last week, meaning that bitcoins were very greedy.
When the market is greedy, it means that the price of BTC must be corrected, which coincides with the fall of last week. However, when in fear, it can be a sign of over-concern for investors, which can also be seen as a buying opportunity. This is also reflected in the financing rates.
“At the moment, financing rates are low, which shows that Bitcoin investors are ‘scared and we want to buy for a long time,'” said Caracal, a chain analyst.
“Right now, in terms of general sentiment, we are in a very good position. As prices move out of the accumulation zone, financing rates continue to move in the opposite direction. People are scared. We are leaving.”
Bitcoin price update
Despite the uptrend, the largest cryptocurrency has not yet made any significant uptrends. However, Bitcoin has risen more than two percent in the last 24 hours, trading at around $ 45,961. Bitcoin market cap reached more than $ 864 billion.