In an intriguing change of events, the Crypto Fear & Greed Index, which is widely recognised as a key market indicator, has once again flashed the signal of “greed.” The indicator, which had been drifting indecisively, is now at 59, signalling a dramatic change in market mood. This counter last signalled in early May, at the height of the Pepe coin (PEPE) excitement, excluding the preceding week.
This significant shift follows Bitcoin’s (BTC) stunning 1.5% daily price increase, which propelled the price of the top cryptocurrency above $30,800.
The past several days have seen Bitcoin flirt with breaking over this key resistance level, only to stumble and back away. The BTC price, however, is seen to be set for even higher heights if it manages to gain traction beyond this barrier, with some forecasting prices of at least $32,400 per coin.
Intriguing considerations concerning the effect of the Crypto Fear & Greed Index’s tendency towards greed on market dynamics are raised by the timing of this tendency. Is this sign a credible predictor of upcoming events, or is it only a measurement taken in the past?
The supremacy of greed on the cryptocurrency market becomes clear as Bitcoin continues to print stunning green candles on the chart. Now, everyone’s attention is focused on Bitcoin’s capacity to sustain its momentum and overcome the walls of resistance that have so far stymied its ascension.
