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Bitcoin Market Stays Fearful For Third Straight Week

By Orbit Brain

Bitcoin Market Stays Fearful For Third Straight Week

Bitcoin Market Stays Fearful For Third Straight Week

Knowledge reveals the Bitcoin worry and greed index has continued to show low values for the third straight week because the market stays fearful.

Bitcoin Concern And Greed Index Presently Factors At “Concern”

In line with the most recent weekly report from Arcane Analysis, the BTC market has now remained fearful for the third consecutive week.

The “worry and greed index” is an indicator that tells us what the final sentiment amongst buyers within the Bitcoin market at the moment is.

The metric makes use of a numeric scale that runs from one to hundred for representing this sentiment. All values above fifty signify that the market is grasping proper now

Alternatively, indicator values under the cutoff present that the market sentiment is that of worry in the meanwhile.

Finish values of above 75 and under 25 symbolize investor sentiments of utmost greed and excessive worry, respectively.

Traditionally, tops have tended to kind during times of utmost greed, whereas bottoms have shaped throughout excessive worry.

Due to this, some buyers consider that it’s greatest to purchase in the course of the former, whereas the latter intervals are greatest for promoting.

Associated Studying | Glassnode Knowledge Reveals A Bullish Bitcoin Crossover Has Lately Occurred

Contrarian investing is a buying and selling approach that makes use of this concept. This well-known quote from Warren Buffet encapsulates the philosophy: “Be fearful when others are grasping, and grasping when others are fearful.”

Now, here’s a chart that reveals the development within the Bitcoin worry and greed index over the previous yr:

The BTC market appears to be fearful in the meanwhile | Supply: Arcane Analysis's The Weekly Replace - Week 16, 2022

As you possibly can see within the above graph, the Bitcoin worry and greed index is at the moment exhibiting a worth of 27, akin to a sentiment of worry.

This worth is correct on the sting of utmost worry, and the market has stayed round this worth for the previous few weeks. Throughout that interval, the indicator’s worth has additionally had some dips to excessive worry.

Associated Studying | Bitcoin Bearish Sign: 600-Day MA Begins To Break Down

The explanation behind this development could also be the truth that BTC has been caught in consolidation for some time now, exhibiting no actual motion.

The report means that buyers appear to be anxiously ready for Bitcoin to make a transfer earlier than they take any motion.

BTC Worth

On the time of writing, Bitcoin’s value floats round $39ok, down 7% within the final week. Over the previous month, the crypto has misplaced 12% in worth.

The under chart reveals the development within the value of the coin during the last 5 days.

Appears to be like like the worth of the crypto has plunged down over the previous day | Supply: BTCUSD on TradingView
Featured picture from Unsplash.com, charts from TradingView.com, Arcane Analysis

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