Bitcoin (BTC) Price News: Tactical Bottom May Be Near, Greed & Fear Index Suggests
Extreme pessimism in Bitcoin's sentiment, indicated by the Greed & Fear Index hitting a record low, suggests a tactical bottom might be imminent.Summary
Bitcoin's market sentiment has plummeted into extreme pessimism, with the proprietary "Greed & Fear" Index from 10x Research crashing below 5 points. More significantly, the 21-day simple moving average of this index has dropped to 10%, a historical marker for tactical lows. Markus Thielen, founder of 10x Research, noted that while this extreme pessimism suggests an interim low is near, it doesn't guarantee an immediate end to the downtrend, citing a past instance where sentiment bottomed before prices fell further. However, he suggests a short-term rebound, similar to the 10% bounce seen after the previous sentiment low, is possible now. At press time, Bitcoin traded near $84,800, following a recent low of $80,880, despite being down 10% for the week and 23% for the month.
(Source：CoinDesk)