The cryptocurrency market is in a tense mood after Bitcoin lost important price levels this week, and investor sentiment has taken a 0 caused the Bitcoin Fear & Greed Index to plunge by 16 points in a single day, sinking to 28 yesterday, its lowest level since 1 the time of writing, the index has recovered slightly to 33, but it still in the Fear 2 may unsettle many investors, but history shows that fearful conditions may be blessings in disguise for Bitcoin 3 Reading: XRP Eyeing Explosive Move In Next Few Months, Research Shows Bitcoin Fear & Greed Index Drops To 28 This week has been tough for many cryptocurrencies, especially Bitcoin.
Bitcoin, which started the week above $115,000, entered into an extended decline that saw it break below $110,000, which in turn led to liquidations of over $1 billion worth of positions across the 4 move also saw Ethereum break below $4,000, alongside altcoins likes XRP, Solana extending to the 5 together, these moves erased the cautious optimism of last week, when the index sat at a neutral level of 48. Instead, Bitcoin’s Fear and Greed Index fell to as low as 28, which is a dramatic 16 point plunge in a single 6 crash in the Bitcoin Fear and Greed Index shows just how fast sentiment can reverse when important price thresholds fail to hold.
However, while the fearful mood might appear to be a bearish hint, these conditions could be an opportunity for long-term 7 Fear and Greed Index has historically been a contrarian indicator, with extreme fear levels typically appearing before significant 8 in March, when the index last reached similar depths, Bitcoin was trading at a relative low around $83,000. Today, even after breaking below 30 on the index again, Bitcoin is about $27,000 higher than it was in 9 Fear And Greed Index.
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