Bitcoin Fear and Greed Index recorded its highest score this year, with a reading of 68.
This Index record was last seen in November 2021, shortly after Bitcoin’s all-time high of over $69,000.
Bitcoin reached a value of $28,000, which it has not seen since June 2022.
Multifactorial Crypto Market Sentiment Analysis platform showed that Bitcoin Fear and Greed Index struck its highest point at 68 since November 2021, corresponding to BTC hitting the $28,000 mark for the first time since June 2022.
As of March 21, the Bitcoin Fear and Greed Index recorded its highest score this year, with a reading of 68. According to Coingecko, the index had not exceeded a score of 66 since November 16, 2021, shortly after Bitcoin reached its all-time high of more than $69,000 on November 10, 2021.
The Crypto Fear and Greed Index aims to provide a numerical representation of the prevailing emotions and sentiments surrounding major cryptocurrencies, particularly Bitcoin. The index ranges from 0 to 100, where 0 signifies “Extreme Fear” and 100 represents “Extreme Greed.”
The Bitcoin market experienced a brief period of Fear from March 9 to 12, as the Fear and Greed Index tumbled into the Amber zone, reaching an index as low as 33. However, just two days after the slump, the index reported a rise in the meter gauge to 56 and has remained in the Greed category.
In the last week, Bitcoin has seen an increase of nearly 30%, according to Coingecko data. It has also reached a value of $28,000, which it has not seen since June 2022. For the past three days, the price of BTC has been moving between $27,120 and $28,500.
The Bitcoin Fear and Greed Index Platform shared its market analysis on Twitter, and in response, one user commented, “FOMO time.”
FOMO time $paw #pawswap #paw
— Evolution0fME (@Ev0luti0n0fM3) March 21, 2023
Bitcoin’s current “Greed” zone is surprising given last year’s mostly “Fear” or “Extreme Fear” trends, caused by industry collapses and scandals such as the Terra crash, Celsius bankruptcy, and FTX demise. Nonetheless, last year’s lower digital asset prices could have been a good buying opportunity, but the current “Greed” sentiment may lead to a correction.