Worry and Greed Index Peaks as Bitcoin Breaches $28,000

• Worry and Greed Index recorded its highest rating this yr, with a studying of 68.
• This Index file was final seen in November 2021, shortly after Bitcoin’s all-time excessive of over $69,000.
• Bitcoin reached a price of $28,000, which it has not seen since June 2022.

Multifactorial Crypto Market Sentiment Evaluation platform confirmed that Bitcoin Worry and Greed Index struck its highest level at 68 since November 2021, equivalent to BTC hitting the $28,000 mark for the primary time since June 2022.

As of March 21, the Bitcoin Worry and Greed Index recorded its highest rating this yr, with a studying of 68. In keeping with Coingecko, the index had not exceeded a rating of 66 since November 16, 2021, shortly after Bitcoin reached its all-time excessive of greater than $69,000 on November 10, 2021.

The Crypto Worry and Greed Index goals to supply a numerical illustration of the prevailing feelings and sentiments surrounding main cryptocurrencies, significantly Bitcoin. The index ranges from 0 to 100, the place 0 signifies “Excessive Worry” and 100 represents “Excessive Greed.”

The Bitcoin market skilled a quick interval of Worry from March 9 to 12, because the Worry and Greed Index tumbled into the Amber zone, reaching an index as little as 33. Nonetheless, simply two days after the stoop, the index reported an increase within the meter gauge to 56 and has remained within the Greed class.

Within the final week, Bitcoin has seen a rise of practically 30%, in keeping with Coingecko information. It has additionally reached a price of $28,000, which it has not seen since June 2022. For the previous three days, the worth of BTC has been shifting between $27,120 and $28,500.

The Bitcoin Worry and Greed Index Platform shared its market evaluation on Twitter, and in response, one person commented, “FOMO time.”

FOMO time $paw #pawswap #paw

— Evolution0fME (@Ev0luti0n0fM3) March 21, 2023

Bitcoin’s present “Greed” zone is stunning given final yr’s principally “Worry” or “Excessive Worry” developments, brought on by trade collapses and scandals such because the crash, Celsius chapter, and FTX demise. Nonetheless, final yr’s decrease digital asset costs may have been shopping for alternative, however the present “Greed” sentiment might result in a correction.

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