Bitcoin’s Fear and Greed Index Now at Neutral Zone Despite Trading Below $58k

The leading cryptocurrency is trading below the $58k level, but its fear and greed index has surged to the neutral zone.

Bitcoin’s Fear and Greed Index Rallies to the Neutral Zone

Bitcoin’s fear and greed index is now at a neutral zone after spending the past few weeks in the negative region. This index is an indicator that shows whether social media users are optimistic or pessimistic about the short-term dynamics of the leading cryptocurrency.

Bitcoin has underperformed in recent days, with the leading cryptocurrency’s price down by roughly 20% from its all-time high. BTC reached a new all-time high above $69k earlier this month. However, it has underperformed since then, and it is now trading just below the $58k level per coin.

Bitcoin Fear and Greed Index is 43. Neutral
Current price: $58,426 pic.twitter.com/9289nug9n3

— Bitcoin Fear and Greed Index (@BitcoinFear) November 20, 2021

 

The Bitcoin fear and greed index began to recover after losing more than 50% last week. The fear and greed index was deep within the bearish territory as traders and investors were worried about Bitcoin’s massive losses over the past few days.

However, the index is closing in on the neutral level of 50/100 after bottoming out at 34/100 last week.

Bitcoin’s Fear and Greed Index Will Rally Higher

The decline below the 50% level came a few days after reaching its eight-month high at 84/100. The surge towards that level was due to Bitcoin reaching a new all-time high above the $69k earlier this month.

Despite Bitcoin’s price trading below the $58k level, the index rising to the neutral zone shows that cryptocurrency traders and investors are starting to be optimistic about the leading cryptocurrency.

Market analysts and experts are optimistic that Bitcoin’s price could top the $100k level before the end of the year. The total cryptocurrency market cap has dropped below the $3 trillion level but could recover once the broader market overcomes the latest bearish sentiment.