While bitcoin briefly reached the $70,000 mark on July 29, the price has since declined. Over the past week, BTC has decreased by 0.6%. During the last 18 days, the Crypto Fear and Greed Index (CFGI) has transitioned from “extreme fear” back to “greed.”
From ‘Extreme Fear’ to ‘Greed’ in 18 Days
Approximately 18 days ago, the crypto market sentiment was characterized by “extreme fear,” according to the CFGI on alternative.me. Today, with a score range of 1-100, where 100 signifies “extreme greed,” the sentiment has shifted to “greed.” The CFGI also indicated “greed” yesterday and last week, while last month’s score was neutral.
The CFGI, along with similar indices, evaluates factors such as volatility, dominance, social media activity, volume, and market momentum. Bitcoin prices have been volatile; just two days ago, BTC traded between $69,000 and $70,000. Currently, the price is lower, and on July 31, BTC has been hovering slightly above $66,000, occasionally dipping below this level. Additionally, BTC’s trading volume has decreased by 15.78% over the past day, with a predominant sell pressure.
Despite the CFGI indicating “greed,” it lags behind the current bearish sentiment, as BTC prices tend to move much faster than the index. As BTC holds above the $66,000 range, its value could fluctuate significantly today during the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) meeting. Although no change in the federal funds rate is expected, Fed Chair Jerome Powell’s remarks will be closely watched for insights on what to anticipate in September.
Source: Bitcoin
