Entering a realm of balance between “greed” and “extreme greed,” the Crypto Fear and Greed Index made a notable transition into a “neutral” phase on Sunday, January 28, 2024, coinciding with a slight uptick in Bitcoin’s value, surpassing $42,000. Over the preceding week, Bitcoin saw a modest increase of approximately 1.5% against the U.S. dollar.
The current value of Bitcoin hovers at $42,478 per coin, with intraday fluctuations ranging from $41,396 to $42,824 per unit. As of Sunday, the leading cryptocurrency boasts a market capitalization slightly exceeding $833 billion and a global trade volume of $14.33 billion. In the broader crypto economy, valued at $1.715 trillion, BTC maintains a dominance rate of 48.6%.
Over the weekend, the Crypto Fear and Greed Index (CFGI) on alternative.me observed a shift from “greed” to “neutral” between Saturday and Sunday. Throughout the past month, the index consistently lingered in the realms of “greed” and “extreme greed.” Notably, on January 9, 2024, a surge in BTC’s price marked the highest reading of “extreme greed” on the CFGI since 2021.
While last week saw the CFGI remaining in the “greed” category, registering a score of 56 out of 100, the sentiment persisted into the following day with a slightly lower score of 55 out of 100, still within the “greed” classification. However, the index for Sunday, January 28, 2024, recorded a score of 54 out of 100, categorizing the day as “neutral.” The CFGI assesses market sentiment by analyzing factors like volume, market momentum, volatility, dominance, social media, and other trends.
On Bitstamp’s BTC/USD chart for Sunday, a significant peak at $42,824 was evident. Following this spike, the price entered a consolidation phase characterized by smaller fluctuations and reduced volume, signaling a state of equilibrium in the market after the recent surge in the crypto asset’s value. Mirroring the CFGI, BTC’s oscillators and moving averages (MAs) also indicate a period of neutrality and balance, with traders anticipating the next significant movement.
