Bitcoin Fear & Greed Index Hits 16-Month High of 69

In January 2023 Bitcoin returned to "greed" after March 2022. The greed index is presently in the green at 69.

Bitcoin Fear & Greed Index Hits 16-Month High of 69
Bitcoin Fear & Greed Index Hits 16-Month High of 69

The Bitcoin Fear and Greed Index measures how people feel about the crypto market as a whole. The score is changed every day and is always different. The index changes as market conditions, the volatility of crypto assets, market data, the number of trades, and other things change.

The index helps traders and buyers know what to do in the market. Most of the time, when people are terrified, it could be an excellent time to buy. In the same way, buyers should be ready for a market correction when there is too much greed.

According to data from Alternative, the Bitcoin fear & greed measure hit a high of 69, the highest it has been in 16 months. On March 21, 2023, it hit a high of 68.

Bitcoin Fear & Greed Index Rises to 69

Bitcoin went into the “greed” phase for the first time since March 2022 in January 2023. After that, the greed index is now in the green and is at 69 as this is being written.

Since several banks, including Silicon Valley Bank, went bankrupt, Bitcoin’s value has steadily increased. The price of Bitcoin has gone up 7.1% in the last 30 days, 4.1% in the previous 14 days, and 3.7% in the last seven days, according to figures from CoinGecko.

BTC is selling at $29,402, a rise from its lowest price in the last month, which was $26,606.69. The cost of the cryptocurrency quickly hit $31,005 before dropping to where it is now.