Bitcoin Price Panic Is Increasing Within The Market - Analysis.

Bitcoin Price Panic Is Increasing Within The Market - Analysis.

2021-11-29 | Big Bob

Bitcoin Price Panic Is Increasing Within The Market - Analysis.

Although the price of Bitcoin is still 20% below all-time highs, the market has returned to "severe panic" for the first time since $43,000. After falling $6,000 in a single day, Bitcoin (BTC) has steadied at approximately $55,000, but the crypto industry is still reeling. According to the Crypto Fear & Greed Index, attitudes are at their most fearful since late September as of Nov. 29th. Fear & Greed, a standardized sentiment index for crypto markets that ranges from 1-100 based on a variety of parameters, is presently at 21. btc

BTC/USD 1 Day Price Chart: Source - Coinmarketcap.com

Monday took its toll on the measure, with the score plummeting from 47 to 27 in less than 24 hours. Those two readings correlate to a shift in mood from "neutral" to "severe terror," with no mention of the "fear" zone. "Extreme anxiety" is hardly a reasonable reaction to BTC/USD trading above $57,000, according to investor and entrepreneur Alistair Milne. Indeed, the last time the Bitcoin spot price reached so high was in mid-October, when Fear & Greed was 78, which is considered "extreme greed" territory. "With this much terror, we've reached $54k. untamed, "he summed up, referring to the earlier bitcoin price drop. BTC/USD traded at roughly $43,800 on Bitstamp on Sept. 30, when the Index last topped 21/100. Nevertheless, according to data released this week by analytics firm Delphi Digital, funding is still lower than it was in the first half of 2021, indicating a lack of overall direction. "On the futures markets, funding rates remain low. This might indicate that short-term leveraged traders are still unsure on which way to go "Twitter users were informed by researchers.

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