Current data from the Crypto Fear and Greed Index (CFGI) indicates that crypto sentiment has been in a state of “extreme fear” for the past two days. According to Alternative.me’s CFGI, the sentiment scored 25 out of 100 in the daily readings on Friday and Saturday.
Crypto Sentiment Plunges to 'Extreme Fear' as Bitcoin Attempts to Break Upper Resistance
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CFGI Reports ‘Extreme Fear’ Over the Past 48 Hours
Bitcoin’s price has been climbing on Saturday, July 13, with bulls aiming to surpass and maintain the $59,000 per coin mark. The total valuation of the crypto economy stands at $2.17 trillion, marking a 1.58% increase over the past 24 hours.
The CFGI reveals that sentiment has been in “extreme fear” for the last two days. In this index, a score of 0 signifies “extreme fear,” while 100 represents “extreme greed.” On Friday and Saturday, the CFGI recorded a score of 25, indicating “extreme fear.”
This level of fear may suggest that traders are excessively concerned, potentially presenting an entry opportunity. Conversely, when investors become overly greedy, it can signal an impending market correction, though these interpretations are not always accurate.
The CFGI by Alternative.me evaluates volatility, social media activity, dominance, market momentum, volume, and trends. Forecasting the crypto market’s future remains uncertain amid CFGI’s fear signals. Despite the current extreme fear sentiment, bitcoin’s recent price increase hints at potential bullish momentum.
Nevertheless, July has not been favorable for BTC, with monthly returns currently at negative 6.3%, compared to negative 6.96% last month.
What do you think about the latest CFGI readouts? Share your thoughts and opinions about this subject in the comments section below.
