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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions
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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Fickle Bitcoin Market Surges From Fear To Greed In A Flash

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 1:59 pm
3 mins read
Bitcoin

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The Bitcoin fear and greed index has started to quickly change to extreme greed as the crypto continues to rally up.

Bitcoin Fear And Greed Needle Starts Pointing At Extreme Greed

As per the latest weekly report from Arcane Research, the fear and greed index quickly turned to extreme greed values last week.

The “fear and greed index” is a Bitcoin indicator that shows the general crypto market sentiment at the time. The metric uses a numerical scale of one to hundred for displaying the different sentiments.

Values close to zero fall under the “extreme fear” category while values at the other end imply “extreme greed.” When the indicator shows neither too large, nor too low values, the sentiment falls under either “fear” or “greed” depending on which side around 50 the value is.

Now, here is a chart that shows how the indicator’s value has changed over the years for Bitcoin:

Bitcoin Fear And Greed

Looks like the crypto market has quickly turned greedy | Source: The Arcane Research Weekly Update - Week 40

As the above graph shows, the sentiment had turned greedy last week after a fearful September, and the values are now entering into the extreme greed category.

While the month of September had some moves up, it also had several price crashes, and that’s why the sentiment was that of fear for the most part.

Related Reading | TA: Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K

The indicator dipped all the way down to extreme fear on 30th September, but in under two weeks the sentiment has already rebounded back to extreme greed. The report notes that this shows how fast the sentiment can change among the crypto market.

Right now, BTC is showing some strong momentum upwards as the coin broke $58k for the first time since May today. An on-chain indicator shows that both the long-term holders and the short-term holders are in profit right now so it’s not a surprise that the market has started turning greedy.

Related Reading | Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst

BTC Price

At the time of writing, Bitcoin’s price floats around $57.2k, up 6% in the last seven days. Over the last month, the crypto has gained 22% in value.

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

Bitcoin Price Chart

Bitcoin's price shows a lot of volatility while keeping up an overall upwards trend | Source: BTCUSD on TradingView

Usually, when the crypto market sentiment reaches the extreme greed territory, the market observes a correction at least in the short term. The BTC price did have a minor dip yesterday and the fear and greed values have left the extreme greed territory today as the indicator now points at greed.

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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.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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