The Cryptocurrency Fear and Greed Index (CFGI) currently reveals the "greed" sentiment in the cryptocurrency market, scoring 69 out of 100. As of 5:20 a
The Cryptocurrency Fear and Greed Index (CFGI) currently reveals the "greed" sentiment in the cryptocurrency market, scoring 69 out of 100. As of 5:20 a.m. Eastern Time on November 9, 2023, Bitcoin prices reached a peak of $37000- a peak that had never occurred since the first week of May 2022, lasting over 550 days.
Bitcoin has risen to areas above $37000; Shorts suffered a heavy loss of $96 million
On Thursday, the valuation of Bitcoin (BTC) rose 4.4% against the US dollar, a significant 34% increase from last month. The current transaction price of Bitcoin is slightly above the threshold of $37000, and the last time it reached this level was on May 6, 2022.
This indicates that for over a year, just over 550 days, the price of Bitcoin has been hovering below $37000. It has been 238 days since BTC fell below $25000 on March 16, 2023, and 299 days since it fell below the $20000 mark on January 14, 2023.
In addition, since July 27, 2020, the price of Bitcoin has never reached $10000 or less, which can be traced back to approximately1200 daysPreviously. From 2020 to 2023, Bitcoin prices below $10000 lasted for 202 days, 471 days below $20000, and a total of 637 days below $25000.
This week, Bitcoin prices remained stable above $35000, indicating a bullish outlook on the latest technology shock indicators and moving averages. The 10 day short-term index moving average (EMA) and simple moving average (SMA) are flashing bullish signals, indicating a strong recent price trend.
Despite these positive signs, the Cryptocurrency Fear and Greed Index (CFGI) still indicates that people tend to be greedy. The index reflects this sentiment from last week and the day before, as well as the "neutral" sentiment from last month (according to Alternative. me).
CFGI stated that 'extreme fear' may indicate widespread concern among traders and investors, which may mark a golden entry time. On the contrary, 'extreme greed' indicates that the price adjustment in the cryptocurrency market may have matured.
However, recent statistics emphasize that those who bet on cryptocurrency downturns through short selling have suffered losses of up to $162 million in the past day alone, with Bitcoin rapidly rising to $37000, resulting in over 59% of short positions being liquidated, equivalent to approximately $96 million.
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