Ultimate Secure Cash Price(USC)

While the Bitcoin market is trying to generate the bottom of the current bear market, the Fear and Greed Index consistently remains in extreme fear. The index has been in a range of extremely negative sentiment for a record 72 days.The sharp collapse in cryptocurrency market sentiment occurred on May 5. At that time, Bitcoin lost support at the $38,000 level and broke below the rising support line (blue). On May 12, it recorded a low of $25,228 and began a consolidation above the next support line.However, it too failed to hold, leading to an accelerated decline in mid-June. The current low at $17,567 was generated on June 18. The consolidation, which has continued since then, is again following the rising support line.Chart by TradingviewFear and Greed Index breaks fear recordThe day after the breakdown from the original support line, i.e. May 6, the Fear and Greed Index fell to a level of 22. This value belongs to the extreme fear in3 the 0-25 range (blue area). Since that day, the Fear and Greed Index has continuously been in extreme fear for 72 days.Fear and Greed Index chart / Source: alternative.meThis situation was noted yesterday by analyst @PositiveCrypto, who published a long-term chart of Bitcoin color-coded according to Fear and Greed Index readings. In the past, based on the data he presented, the index has twice been continuously in a negative fear sentiment.The first time such a similar situation happened was in the area of the absolute bear market bottom of 2018-2019 and lasted for 32 days. The second time it happened was during the COVID-19 crash of March-April 2020, and this time the Fear and Greed Index stayed in the 0-25 range for 50 days. Fear & Greed Index: we have now had the longest ever period of Extreme Fear…70days!!! Live chart: https://t.co/Jr5151zN7IPotential for a near-term reversal for #Bitcoin soon? pic.twitter.com/thyUtLeRP9— Philip Swift (@PositiveCrypto) July 15, 2022 In the analyst’s opinion, such a long-lasting extreme fear in the cryptocurrency market may be a signal for a potential trend reversal in the near future. On the one hand, the classic investor maxim seems to favor this opinion: “Be fearful when others are greedy. Be greedy when others are fearful.” But on the other hand, the current macroeconomic situation, rising inflation and interest rates, the specter of recession, and the war in Ukraine continue to generate an environment that is not favorable to high-risk assets such as cryptocurrencies.The post Fear & Greed Index in Extreme Fear for 72 Days – Longest in History appeared first on BeInCrypto.