Fear and Greed nudges towards 'Neutral' as crypto markets turn green
BITCOIN once again tested the critical $60,000 support level yesterday for the third time in just a week. But it bounced off this floor, posting a 2% recovery overnight to trade around $61,400.
Ethereum also managed to buck its recent losing streak, with price gains north of 2%, pulling several altcoins into the green. Aave surged by 9%, while Shiba Inu and Dogecoin added 8% and 6% respectively.
The crypto market sentiment, reflected by the Fear and Greed Index, remains cautious but is inching closer to 'Neutral' territory.
The question now is whether this recent price action signals the beginning of a broader rebound. After weeks of testing major support levels, crypto bulls are watching closely, hoping for sustained momentum in the days ahead.
In the Markets
Total crypto market cap
$2.13 trillion (+1.19%)
What Bitcoin did yesterday
Daily high $61,468 | Daily low $59,904
Bitcoin market capitalisation
$1.21 trillion (58.14% of market)
Bitcoin 24-hour trading volume
$33.6 billion (-18.7%)
SP500
-0.17%
Fear and Greed Index
41 (Fear)
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin Relative Strength Index (RSI)
58
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
Post Script…
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
