The Crypto Fear & Greed Index has reached 77, signaling “Extreme Greed” in the market as Bitcoin trades near its all-time high of $73,737.94.
According to data from Alternative, the sentiment indicator shows a steady increase from last month’s reading of 61, reflecting growing market optimism.
Can Bitcoin hit new ATH?
Current market data reveals Bitcoin trading at $71,790.53, with recent price action ranging between $70,863.71 and $73,562.33 over the past 24 hours.
BTC has posted impressive gains across multiple timeframes, achieving a 12.1% increase over the past month and an 8.1% rise in the past week.
The Fear & Greed Index’s progression tells a story of building confidence. Yesterday’s reading of 72 marked “Greed” territory, following last week’s similar reading of 71.
The steady climb from last month’s more moderate reading of 61 indicates a consistent build-up of market optimism.
The current reading of 77 represents the highest level of market optimism in recent months, approaching levels typically associated with potential market corrections.
This surge in sentiment coincides with Bitcoin trading within 2.4% of its March 14 all-time high.
Market observers note that extreme greed readings often precede major market movements, though the direction of such moves can be unpredictable.
The combination of price action and sentiment metrics suggests strong buyer conviction, though historical patterns indicate that periods of extreme greed warrant careful monitoring of market conditions.
Source: https://www.cryptonewsz.com/crypto-greed-fear-index-at-extreme-greed/