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Home»Bitcoin»Crypto Fear and Greed Index indicates where Bitcoin’s new price floor is
Bitcoin

Crypto Fear and Greed Index indicates where Bitcoin’s new price floor is

2024-08-02No Comments2 Mins Read
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  • Last week’s greedy sentiment quickly deteriorated following Bitcoin’s rapid price drop.
  • The bearish weekly structure showed that further lows cannot be ruled out.

Bitcoin [BTC] is down 9.74% from Monday’s swing high at the time of writing. The Crypto Fear and Greed Indexaccording to CoinMarketCapstood at 56, a neutral value.

This Index gives an idea of ​​the sentiment on the crypto market.

Bitcoin fear and greed indexBitcoin fear and greed index

Source: CoinMarketCap

Extreme fear can be a signal to buy, and extreme greed can be a signal to sell. Some sites use factors such as market volatility, momentum, social media and Bitcoin Dominance to calculate the index values.

The $70,000 rejection follows a bearish structure

Bitcoin 1-week trading viewBitcoin 1-week trading view

Source: BTC/USDT on TradingView

On the 1-week chart, a trading session near $56.5k caused a bearish reversal in the market structure. The rally later in July to $69.5k failed to climb past the low high of $72k.

Such a move was necessary to achieve a bullish market structure break.

Instead, Bitcoin’s price rose to $70.1k on Monday, July 29, before a brutal downturn. Dates of Mint glass showed that $343 million in liquidations took place in the last 24 hours.

The Fibonacci retracement levels of $56.1k and $52k could provide an attractive buying opportunity in the coming weeks. As things stand now, however, $52,000 might be too far south to be tested.

The long-term investor has little to fear from volatility

Bitcoin rainbow chartBitcoin rainbow chart

Source: Blockchain Center

People with a longer investment horizon would welcome such price drops. Panic is creating price floors, and a dip below $60,000 could be ideal. The Bitcoin Rainbow chart noted that it was within the “still cheap” zone.

See also  Hong Kong to Create Bitcoin Reserves? Johnny Ng of the Legislative Council says...

Is your portfolio green? Check out the BTC profit calculator


The Crypto Fear and Greed Index has not yet reached the extremes below 30 or above 70, meaning a trend reversal may not be imminent.

The neutral reading at the time of writing suggested that more pain might be needed before a true run-higher could begin.

Next: Mount Gox Bitcoin Balance Drops to $3 Billion – Potential Impacts on BTC

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Bitcoins Crypto Fear floor Greed Index Price
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