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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Market Stays Fearful For Third Straight Week

Keshav Verma
Keshav Verma
3 years ago
3 mins read
Bitcoin

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Data shows the Bitcoin fear and greed index has continued to display low values for the third straight week as the market remains fearful.

Bitcoin Fear And Greed Index Currently Points At “Fear”

According to the latest weekly report from Arcane Research, the BTC market has now remained fearful for the 3rd consecutive week.

The “fear and greed index” is an indicator that tells us what the general sentiment among investors in the Bitcoin market currently is.

The metric uses a numeric scale that runs from one to hundred for representing this sentiment. All values above fifty signify that the market is greedy right now

On the other hand, indicator values below the cutoff show that the market sentiment is that of fear at the moment.

End values of above 75 and below 25 represent investor sentiments of extreme greed and extreme fear, respectively.

Historically, tops have tended to form during periods of extreme greed, while bottoms have formed during extreme fear.

Because of this, some investors believe that it’s best to buy during the former, while the latter periods are best for selling.

Related Reading | Glassnode Data Shows A Bullish Bitcoin Crossover Has Recently Occurred

Contrarian investing is a trading technique that uses this idea. This famous quote from Warren Buffet encapsulates the philosophy: “Be fearful when others are greedy, and greedy when others are fearful.”

Now, here is a chart that shows the trend in the Bitcoin fear and greed index over the past year:

Bitcoin Fear And Greed Index

The BTC market seems to be fearful at the moment | Source: Arcane Research's The Weekly Update - Week 16, 2022

As you can see in the above graph, the Bitcoin fear and greed index is currently showing a value of 27, corresponding to a sentiment of fear.

This value is right on the edge of extreme fear, and the market has stayed around this value for the past few weeks. During that period, the indicator’s value has also had some dips to extreme fear.

Related Reading | Bitcoin Bearish Signal: 600-Day MA Starts To Break Down

The reason behind this trend may be the fact that BTC has been stuck in consolidation for a while now, showing no real movement.

The report suggests that investors seem to be anxiously waiting for Bitcoin to make a move before they take any action.

BTC Price

At the time of writing, Bitcoin’s price floats around $39k, down 7% in the last week. Over the past month, the crypto has lost 12% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the price of the crypto has plunged down over the past day | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
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