Bitcoin sentiment has now begun to move into the positive. The crypto market has recently been in one of its longest stretches in extreme fear recently. Now it seems there is light at the end of the tunnel as the market pulls itself out of extreme fear.
This is in line with the recent price surge bitcoin experienced following the weekend upturn. Which saw the digital currency’s price push past $36,000 for the first time in over a month.
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Bitcoin price has dipped since. But the bullish trends continue to persist in the market as the price shows a steady recovery. This comes after the coin lost over $1,000 in price in 12 hours. The market had been in extreme fear for over a month before this recent break. Dropping points continuously on the Fear & Greed Index published by Arcane Research.
The cryptocurrency had seen declining prices since it had hit a new all-time high in April. Bitcoin had hit $64k and then started to trend downwards in the ensuing months. The market continued to decline into extreme fear territory as the price dropped.
Fear & Greed Index Recovers
The Fear & Greed Index saw a significant recovery this week as prices recovered. The Index saw a sharp recovery up from 19 in extreme. Now sitting at 32, pushing the index into the fear territory.
The Fear & Greed Index had continued to decline for the better half of last week. Bottoming out at 10 on Wednesday, July 21st. But over the following days experienced a steady climb up into the weekend. With the market out of extreme fear, overall market sentiments have improved.
Crypto market comes out of "Extreme Fear" | Source: Fear & Greed Index on Arcane Research
Bitcoin and other cryptocurrencies saw a steady increase over the weekend. Culminating in a bullish outbreak as the weekend drew to a close to ushering in the new week.
Despite the recovery, the index continues to remain in the fear territory. Meaning the crypto market is not completely out of the woods yet. And overall market sentiments are still a long way from what was experienced from November last year to March this year.
Bitcoin Price Breakout
Overall, the crypto market continues to remain positive. The prices of the digital currencies have corrected down in the past 24 hours. But nothing of note to see the market slip back into the extreme fear territory.
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Bitcoin price had reclaimed $39,000 as the new week rolled in. But has now lost the $39,000 range to slide back into the $37,000 price range. Sentiments remain overall bullish, with investors still showing support for the digital asset.
Prices across the market are still trying to find their landing point. Following the price surge, the market witnessed.
At the time of this writing, the price of bitcoin is currently trading below $38,000. With an overall market cap of $713 billion.
BTC price struggles to find landing point | Source: BTCUSD on TradingView.com
Featured image from The Motley Fool, charts from Arcane Research and TradingView.com