Bitcoin Concern and Greed Index Hits ‘Excessive Greed’
The crypto market has hit the best concern and greed index rating of 76 since 2021. In the meantime, within the final 24 hours, practically $150 million value of quick positions have been liquidated.
Selections on the spot Bitcoin exchange-traded funds (ETFs) functions might be introduced this week. The market members majorly count on approval from the Securities and Trade Fee (SEC). Therefore, Bitcoin and the broader crypto market have been rallying since late 2023.
Bitcoin Greed Revisits 2021 Ranges
The screenshot under reveals that on January 9, 2024, the Bitcoin Concern and Greed Index stands at a rating of 76, which signifies excessive greed. The index has visited the “excessive greed” stage for the primary time since 2021, when Bitcoin was at its all-time excessive.
The index rating consists of elements corresponding to volatility, market momentum (quantity), social media sentiment, dominance, and tendencies.
Learn extra: What Is the Crypto Concern and Greed Index?
Bitcoin visited the acute greed zone, hitting the $47,000 stage on Monday. The rally of over 9% precipitated complete quick liquidations value practically $150 million previously 24 hours.
Furthermore, even lengthy positions value $56 million had been liquidated.
Primarily, as a result of ETF resolution, the market could be topic to excessive volatility in both path. As an illustration, on January 3, a whopping $500 million value of trades confronted liquidations in lower than one hour.
The crypto alternate Bitfinex shared its Alpha report with BeInCrypto, warning the readers about the potential of pullbacks.
“We count on the market within the early months of this 12 months to be weak to pullbacks, with elevated danger to leveraged longs,” Bitfinex stated.
Learn extra: How To Put together for a Bitcoin ETF: A Step-by-Step Strategy
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