Bitcoin Fear and Greed Index Moves Into Greed Territory at 69 Mark

• The crypto fear and greed index is a composite of market sentiment indicators. 
• The price of Bitcoin has dropped 1.5% in the previous 24 hours to below $29,491.

Data from Alternative shows that on March 21, 2023, the Bitcoin fear & greed index reached its highest point in 16 months, at 69. Bitcoin finally returned to its “greed” phase in January 2023, its first appearance since March 2022. As a result, the greed index has moved deeper into positive territory, sitting at 69 at the time of this writing.

The crypto fear and greed index is a composite of market sentiment indicators. The index is dynamic and is revised every day. The index evolves in response to shifting market circumstances, the volatility of crypto assets, market data, trading volume, and other elements.

Market Downturn Next?

Investors and traders may use the index to make educated decisions. There is a common belief that times of great panic provide excellent purchasing opportunities. Similarly, when investor greed becomes excessive, a market downturn is likely.

After the failure of major financial institutions, notably Silicon Valley Bank, the value of Bitcoin steadily increased. Bitcoin’s price has risen 7.1% over the last 30 days, 3.1% over the past 14 days, and 1.57% over the past week, as measured by statistics from CMC.

After breaking above the $30,000 barrier last week for the first time since June 2022, when the selloff in digital assets intensified into a harsh bear market, the price of Bitcoin has dropped 1.5% in the previous 24 hours to below $29,491.  Recently, Bitcoin reached a trading high of $31,000, part of a surge that has pushed its price more than 80% higher so far this year.