Using a preferred tool for measuring Bitcoin market belief called the Crypto Fear and Greed Index, we can see it is now flashing “greed.”
Bitcoin Fear and Greed Index is 59 — Greed
Current price: $49,482 pic.twitter.com/U1C5j8SIWR
— Bitcoin Fear and Greed Index (@BitcoinFear) October 5, 2021
The benchmark crypto came close to regaining its psychological price point hitting $49,811 on the Bitstamp exchange this morning. Bullish investors stepped in to increase the price of Bitcoin even greater following numerous rejections.
After recovering from the El Salvador sell-off, Bitcoin plunged due to troubles on China’s property market influencing the world economy in late September. Around the same time, the most prominent cryptocurrency was likewise hit hard after China presented its harshest acts yet against the crypto market.
On September 28th, the sentiment indicator from the Crypto Fear and Greed Index dipped into the “extreme fear” area when Bitcoin was nearing the $40,000 mark. This, as some expected, marked the bottom of the correction.
The biggest cryptocurrency is currently up 21% over the previous week, with “Uptober” living up to its name.
Nathan recently got into crypto by investing in stablecoins/altcoins using an algorithmic trading strategy. Shortly thereafter, he began writing about blockchain technology and all things crypto. He has become involved in a number of crypto-related projects and continues to be passionate about all things crypto.