Bitcoin is still headed for the moon even as the weekend goes on. The price of the asset has not seen much in the way of a downturn following its massive price increase from last month. Overall sentiments in the crypto market are still very positive, as evidenced in the Fear & Greed Index. The index which had spent the better part of the last two months following the market all-time high has now turned into the most coveted territory.
The crypto Fear & Greed shows that the market has now gone into “extreme greed.” Continuing its upward trajectory from the last couple of weeks. The index had gradually made its way out of “extreme fear,” when the market seemed to be in its most vulnerable. Prices were crashing from both bitcoin to altcoins. This saw sentiments decline into negative.
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The first week of August brought a gush of fresh air when the market moved out of extreme fear into the fear territory. Although this was not ideal, it showed that cryptocurrencies were once again making progress. A week of continuous uptrend brought the price of the digital asset into neutral. Then what followed was a quick run-up into the “greed” territory. Bitcoin had broken $40K and there was no telling how long the run-up would go on. Investors did not want to miss out on this and so money poured back into the market.
Last week saw the price of bitcoin breaking $48K for the first time in over two months after it hit its $64K all-time high. This continued growth pushed the market sentiment right into ultra-positive, with the Fear & Greed Index running into “extreme greed,” scoring 78 on the scale yesterday and 76 today. Indicating that investors were back putting money into cryptocurrencies.
Crypto market moves into Extreme Greed | Source: Fear & Greed Index on Alternative.me
Bitcoin Market Taking The Hint
With the Fear & Greed Index in “extreme greed,” tremendous buy pressure has been on the market. Money has flooded back into the market, sending the prices of cryptocurrencies skyrocketing. Following this has been the total crypto market hitting $2 trillion again after suffering continuous lows in the preceding two months. Altcoins have seen a lot of growth with this, as has Bitcoin.
BTC price trading north of $48K | Source: BTCUSD on TradingView.com
Bitcoin price, while currently trading north of $48K, shows tremendous promise in hitting a new all-time high. Indicators point in the direction of this bull rally continuing. Momentum has held up all across the market. This means that even though the price might experience small dips, overall control of the price lies in the hands of the bulls, determined to drive the bullish vehicle for as long as possible.
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Both institutional and individual investors have shown patterns of accumulation with bitcoin. Exchange inflows have fallen far below exchange outflows, indicating that investors are moving their digital assets from cryptocurrency exchanges for safekeeping in private wallets.
Featured image from Finance Magnates, chart from TradingView.com
Bitcoin continues to be headed for the moon even because the weekend goes on. The worth of the asset has not seen a lot in the best way of a downturn following its huge worth enhance from final month. Total sentiments within the crypto market are nonetheless very constructive, as evidenced within the Worry & Greed Index. The index which had spent the higher a part of the final two months following the market all-time excessive has now was essentially the most coveted territory.
The crypto Worry & Greed exhibits that the market has now gone into “excessive greed.” Persevering with its upward trajectory from the final couple of weeks. The index had regularly made its means out of “excessive worry,” when the market appeared to be in its most weak. Costs had been crashing from each bitcoin to altcoins. This noticed sentiments decline into destructive.
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The primary week of August introduced a gush of recent air when the market moved out of utmost worry into the worry territory. Though this was not ideally suited, it confirmed that cryptocurrencies had been as soon as once more making progress. Every week of steady uptrend introduced the worth of the digital asset into impartial. Then what adopted was a fast run-up into the “greed” territory. Bitcoin had damaged $40K and there was no telling how lengthy the run-up would go on. Traders didn’t need to miss out on this and so cash poured again into the market.
Final week noticed the worth of bitcoin breaking $48K for the primary time in over two months after it hit its $64K all-time excessive. This continued development pushed the market sentiment proper into ultra-positive, with the Worry & Greed Index operating into “excessive greed,” scoring 78 on the dimensions yesterday and 76 at this time. Indicating that traders had been again placing cash into cryptocurrencies.
Crypto market strikes into Excessive Greed | Supply: Worry & Greed Index on Various.me
Bitcoin Market Taking The Trace
With the Worry & Greed Index in “excessive greed,” large purchase strain has been in the marketplace. Cash has flooded again into the market, sending the costs of cryptocurrencies skyrocketing. Following this has been the whole crypto market hitting $2 trillion once more after struggling steady lows within the previous two months. Altcoins have seen numerous development with this, as has Bitcoin.
BTC worth buying and selling north of $48K | Supply: BTCUSD on TradingView.com
Bitcoin worth, whereas at present buying and selling north of $48K, exhibits large promise in hitting a brand new all-time excessive. Indicators level within the route of this bull rally persevering with. Momentum has held up all throughout the market. Because of this regardless that the worth would possibly expertise small dips, general management of the worth lies within the fingers of the bulls, decided to drive the bullish car for so long as doable.
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Each institutional and particular person traders have proven patterns of accumulation with bitcoin. Alternate inflows have fallen far beneath trade outflows, indicating that traders are transferring their digital property from cryptocurrency exchanges for safekeeping in non-public wallets.
Featured picture from Finance Magnates, chart from TradingView.com