The crypto market breathes a sigh of relief, Bitcoin emerges from extreme fear

[ad_1]

Bitcoin sentiment has now started to move towards the positive. The crypto market recently experienced one of its longest spells of extreme fear. Now it looks like there is light at the end of the tunnel as the market retreats in extreme fear.

This is in line with the recent spike in bitcoin prices experienced after the weekend’s rally. Which saw the price of digital currencies surpass $ 36,000 for the first time in over a month.

Related reading | Bitcoin price approaches $ 40,000 as Amazon news emerges, why this could only be the start of the rally

The price of Bitcoin has since fallen. But the uptrends continue to persist in the market as the price shows a steady recovery. This occurs after the coin has lost over $ 1,000 in 12 hours. The market had been in extreme fear for over a month before this recent break. Continuous drop points on the Fear & Greed Index published by Arcane Research.

The cryptocurrency has seen its prices drop since it hit a new all-time high in April. Bitcoin hit $ 64,000 and then started to decline over the following months. The market continued to fall in territory of extreme fear as the price fell.

The fear and greed index is recovering

The Fear & Greed Index has seen a significant rally this week as prices have rallied. The index experienced a strong rally, dropping from 19 in the extreme. Now sitting at 32, pushing the clue into fear territory.

The Fear & Greed Index continued to decline for the better half of last week. Low point at 10 on Wednesday July 21. But over the next few days it saw a steady rise until the weekend. With the market coming out of the extreme fear, overall market sentiment improved.

The crypto market comes out of “Extreme Fear” | Source: Fear and Greed Index on Arcane Research

Bitcoin and other cryptocurrencies saw a steady increase over the weekend. Culminating in a bullish epidemic as the weekend drew to a close to usher in the new week.

Despite the recovery, the index continues to remain in fear territory. This means that the crypto market is not yet completely out of the woods. And the overall market sentiment is still far from what was experienced from November of last year to March of this year.

Bitcoin price breakdown

Overall, the crypto market continues to remain positive. The prices of digital currencies have been corrected in the last 24 hours. But nothing of note to see the market fall back into the territory of extreme fear.

Related reading | Twitter CEO Jack Dorsey Says Bitcoin Will Be A Big Part Of The Future Of Social Media Giants

The price of Bitcoin had recovered $ 39,000 by the start of the new week. But it has now lost the $ 39,000 range to fall back into the $ 37,000 price range. Sentiments remain broadly bullish, with investors still showing their support for the digital asset.

Prices in the market are always trying to find their landing point. Following the surge in prices, the market has witnessed.

As of this writing, the price of bitcoin is currently trading below $ 38,000. With an overall market capitalization of $ 713 billion.

BTC price struggles to find a landing point | Source: BTCUSD on TradingView.com Featured image from The Motley Fool, charts from Arcane Research and TradingView.com

[ad_2]