Bitcoin’s Price Rallies to $68,000, Causing Near Extreme Greed in Sentiment
Data shows that the market sentiment for Bitcoin has nearly reached extreme greed as the cryptocurrency’s price rallies to the $68,000 mark. The “Fear & Greed Index,” an indicator that gauges the average sentiment in Bitcoin and the wider cryptocurrency markets, recently hit 73, suggesting strong greed among investors.
This is a noticeable shift from the market sentiment seen just a week ago, when the index had dropped into the fear zone. The highest value of the index since late July has been reached during this recent rally, and the indicator may indicate a top for Bitcoin, as has been the historical pattern. Bitcoin is currently trading around $68,000, marking an increase of over 9% in the past week.
