The Bitcoin (BTC) bulls have a reason to celebrate. A classic indicator has now passed its longest bearish phase in its history.On April 27, the data for the Crypto Fear & Greed Index was updated. According to these, the index has left the “extreme fear” level after seven weeks.
Who is afraid of the big bad bear?
This has been a record since the indicator started in 2018. This underscores the impact that coronavirus fears had on cryptocurrency markets.The Fear & Greed index is a scale between 1 and 100. Analysts determine the value from a number of factors such as volatility, market volume and social media activities.The higher the value goes towards 100, the more careful investors should be, as that means the markets are far too enthusiastic.”With our fear and greed index, we try to protect you from your own emotional overreaction,” says the developers of the tool on the official website.At the time of going to press on Monday, the value was 28 at “fear”. The previous day’s value was still 21. For comparison: The value for traditional markets and stocks is currently 40, which also falls under “fear”.