CryptoNews

Bitcoin Stabilizes Over $42,000 as Crypto Fear and Greed Index Shifts to Neutral Market

Recently fluctuating within the realms of “greed” and “extreme greed,” the Crypto Fear and Greed Index transitioned into a “neutral” phase on Sunday, Jan. 28, 2024. This shift coincides with bitcoin’s value jumping slightly over $42,000. In the preceding week, bitcoin experienced a subtle rise, approximately 1.5%, in comparison to the U.S. dollar.

From Greed to Neutrality — Market Sentiment Cools

Bitcoin’s value currently stands at $42,478 per coin, exhibiting an intraday fluctuation from $41,396 to $42,824 per unit. As of Sunday, the foremost cryptocurrency’s market capitalization slightly exceeds $833 billion, coupled with a global trade volume of $14.33 billion. In the broader $1.715 trillion crypto economy, BTC’s dominance is marked at 48.6%.

Over the course of this weekend, the Crypto Fear and Greed Index (CFGI) hosted on alternative.me observed a shift from “greed” to “neutral” between Saturday and Sunday. In the past month, the index has consistently been in the realms of “greed” and “extreme greed.” Specifically, on Jan. 9, 2024, a surge in BTC’s price resulted in the highest reading of “extreme greed” on the Crypto Fear and Greed Index (CFGI) since 2021.

As recently as last week, the CFGI remained in the “greed” territory, registering a score of 56 out of 100. This sentiment persisted into yesterday with a slightly lower score of 55 out of 100, still within the “greed” category. However, the index for Sunday, Jan. 28, 2024, recorded a score of 54 out of 100, categorizing the day as “neutral.” The CFGI evaluates market sentiment by analyzing factors like volume, market momentum, volatility, dominance, social media, and other trends.

On Bitstamp’s BTC/USD chart for Sunday, there was a significant peak at $42,824. Post this spike, the price began a consolidation phase, characterized by smaller fluctuations and reduced volume, indicating a state of equilibrium in the market following the recent increase in the crypto asset’s value. Mirroring the CFGI, BTC’s oscillators and moving averages (MAs) also reflect a period of neutrality and balance, with traders poised for the next significant movement.

Source: Bitcoin

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