Bitcoin Fear and Greed Index Remains Greedy at 63 as BTC Recovers
- Regardless of the CFTC lawsuit, the Bitcoin index has been on an upward trend since reaching a low of 57.
- Although the index has not reached 68 again since March 21, BTC has recovered, and the market sentiment has remained in the green zone.
The Bitcoin Fear and Greed Index, a measure of market sentiment, has remained steady at 63 as of April 3, 2023. The index dipped slightly to 61 at the beginning of the month but has since rebounded to its current level.
Bitcoin (BTC) index has been on an upward trend since reaching a low of 57 after the U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action against Binance and its CEO, Changpeng Zhao, for allegedly offering unregistered crypto derivatives products in the U.S. As a result of the news, BTC fell by 3%.
The Bitcoin Fear and Greed Index was seen at its highest this year at 68 two weeks ago. In fact, the CoinMarketCap record shows that the last time it reached this level was in November 2021, when BTC hit an all-time high of nearly $69,000. Although the index has not reached 68 again, BTC has since recovered, and the market sentiment has remained in the greed zone, indicating a bullish investor sentiment.
Readings above 50 on the Crypto Fear and Greed Index indicate that the market sentiment has moved into the greed stage, while readings below 50 indicate fear. Throughout most of 2022, the Index record for BTC was stuck in the fear and extreme fear territories due to the wave of bad news and bankruptcies in the industry.
However, the rebound to greed in 2023 came as crypto prices bounced despite regulatory crackdowns and macroeconomic conditions. At the time of writing, BTC is trading around $27,900, up from its starting price of $16,500 at the beginning of the year.