The Fear & Greed Index for Bitcoin is at its highest point since it hit $69,000 in November 2021.
The Fear & Greed Index gauges investor excitement for Bitcoin and other well-known digital assets. It is released by data provider alternative.me. The last time the index achieved a score of 79 out of 100 was in November 2021, at the peak of the bitcoin market, which was approximately $69,000. The index collects data on market momentum, volatility, volume, and social media.
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The indicator highlighted that traders have entered a phase of “extreme greed” because of the price of Bitcoin climbing to well above $49,000 and the rise in altcoins. Reaching 79 points for the first time in over two years technically affirmed it has entered the zone of “extreme greed,” which is reached when the index value surpasses 74.
The Fear & Greed Index gauges investor excitement for Bitcoin and other well-known digital assets. The last time the index achieved a score of 79 out of 100 was in November 2021, at the peak of the bitcoin market, which was approximately $69,000.
A month after the debut of spot Bitcoin ETFs in the United States, the continuous Bitcoin rally and the recent surge in greed may indicate that the short-term selling triggered by the news of the ETF’s acceptance has ended.
CEO of ARK Invest Cathie Wood forecast in the fourth quarter that some investors will “sell the news” of the short-term approval of a spot Bitcoin ETF.
Since October of last year, the index has consistently remained above 70, which is the threshold for “greed.” After the introduction of bitcoin ETFs in January, which at first appeared to be a “sell-the-news” event, it dropped as low as 50. The price of Bitcoin has more than doubled since last year.
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