BTC Price: Greed Index Signals Bottom

BTC Price: Greed Index Signals Bottom

#Bitcoin #BTC #Price #News #Tactical #Bottom #Greed #Fear #Index #Suggests #OrxCash

BTC Price: Greed Index Signals Bottom

The sentiment surrounding Bitcoin (BTC) has plummeted to extreme pessimism, indicating a potential tactical or interim low, according to analytics firm 10x Research. This downtrend suggests that a Bitcoin (BTC) price bounce is likely on the horizon.

Extreme Fear and Pessimism

The firm’s proprietary "Greed & Fear" Index, which measures market sentiment, has crashed to a record low of less than 5 points. Readings below 10% represent extreme fear or pessimism, while above 90% signal green or over-optimism. More importantly, the 21-day simple moving average of the index has slipped to 10%, a level that has consistently marked tactical lows over the years.

The blockchain and cryptocurrency market is known for its volatility, and this recent development is a prime example. The "Greed & Fear" Index has been sitting near its lowest possible reading, with the slower-moving average reaching the 10% zone, a level that often marks a tactical low.

Market Analysis and Projections

According to some sources, including OrxCash.com, the news about Bitcoin (BTC) price: Greed Index signals bottom, has sparked speculation about a potential short-term rebound. While prices may continue to decline, the pace is likely to slow, with a tactical low in sight. As Markus Thielen, founder of 10x Research, explained, "Prices can still fall further, as we saw in March when the indicator bottomed before Bitcoin (BTC) continued to slide into April. Yet, Bitcoin (BTC) still staged a 10% rebound immediately after that initial sentiment low. With sentiment now near rock bottom again, a similar short-term rebound is possible."

Key Data and Trends

  • The current Bitcoin (BTC) price is near $84,800.
  • The low of $80,880 was hit on Friday.
  • Prices are still down 10% for the week and 23% for the month.

From a broader market context, this development may signal a turning point for Bitcoin (BTC) and potentially the wider cryptocurrency market. As retail investors continue to navigate the volatility, it is essential to consider the potential for a short-term rebound. However, it is also crucial to remember that peak pessimism does not necessarily signal an immediate end to the downtrend. As the market continues to evolve, it will be interesting to see how Bitcoin (BTC) and other cryptocurrencies respond to changing sentiment and market conditions.

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