RATE Group | Bitcoin Price Fear & Greed Index Turns Blood Red Under 8K — Time to Buy?
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Bitcoin Price Fear & Greed Index Turns Blood Red Under 8K — Time to Buy?

26 Sep Bitcoin Price Fear & Greed Index Turns Blood Red Under 8K — Time to Buy?

Posted at 19:24h in Bitcoin News by

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Bitcoin (BTC) price dropped out of the descending triangle, causing a level of extreme fear to spread throughout the entire crypto market. 

Bitcoin price remains bearish since the top at $13,800, as the price has been trending downwards in a channel. However, is the price of Bitcoin bearish overall or only short term?  

Crypto market sentiment registers extreme fear

Crypto Fear & Greed Index

Crypto Fear & Greed Index. Source: Alternative.me

The Crypto Fear & Greed Index currently shows that there is extreme fear in the market. The index is based on volatility (25%), market momentum/volume (25%), social media (15%), surveys (15%), dominance (10%) and trends (10%).

Generally, the index is a good indicator to use in technical analysis as it describes the general sentiment. Currently, the sentiment is extreme fear with a number of 12 out of 100. These numbers were only seen during the bearish period from December 2018 – February 2019 and during the sudden price drop in the middle of August this year.

As once…

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