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Bitcoin Investor Sentiment Flips Toward Greed Despite Fall Below $29,000

Best Owie by Best Owie
2 months ago
in BTC
Reading Time: 3 mins read

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’s 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’ve fallen below 50.

Bitcoin Fear & Greed Index

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’re 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’s daily trading volume, indicating renewed interest in the digital asset. This saw BTC’s trading volume climb to $10.8 billion, but the cryptocurrency has still not slowed down.

BTC’s daily trading volume also saw another significant jump on Tuesday, rising 22% in the 24-hour period. This brought the digital asset’s 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.

Bitcoin (BTC)  price chart from Tradingview.com

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… Featured image from iStock, chart from TradingView.com
Tags: bitcoinbitcoin pricebtcbtc pricebtcusdBTCUSDT
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. 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. 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. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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