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- Bitcoin (BTC) price recently touched the $28k mark and soared 15% in the last 7 days.
- The multifactorial crypto market sentiment analysis for BTC shows a score of 68 on the Crypto Fear and Greed Index within the “Greed” territory.
Bitcoin market sentiment shows a bullish outlook, as the most-traded cryptocurrency performs quite well. In the last 24 hours, BTC noted its high at nearly $28,527. Notably, this is also its 90-day high with an about 15% price surge in one week.
Bitcoin (BTC) Price Analysis
At press time, Bitcoin trades at $27,655.00 with a 24-hour trading volume of $41.43 billion. Bitcoin is up 0.86% in the last 24 hours, with a current market cap of $538.02 billion, according to data from Tradingview.
Bitcoin also shows a bullish outlook with a Year-To-Date (YTD) price surge of 68%. Additionally, its one-month price noted an almost 12% increase. On the other hand, BTC’s 24-hour low was $27,242, while the 90-day low was $16,408.
The above chart shows that the Relative Strength Index (RSI) curve is at 68, indicating bullish dominance while more upside is possible. BTC crossed the 200-day EMA, which also shows a bullish outlook. After the announcement of the collapse of Silicon Valley Bank (SVB) and Signature Bank on March 12, Bitcoin is near its 100-day and 200-day EMA. And the next day, March 13, crossed 200-day EMA.
The Fear & Greed Index for Bitcoin
The Fear and Greed Index is a daily analysis of emotions and sentiments from different sources for Bitcoin and other large cryptocurrencies. As Alternative(dot)me mentioned on its website, the Index makes two assumptions: “extreme fear” can indicate that investors are too worried and thus see a buying opportunity. While the second one is when the investors are getting “too greedy,” which means the market is due for a correction.
For Bitcoin, the current index gathered data from five different sources: Volatility, Market Momentum/Volume, Social Media, Dominance, and Trends. From the last month, the historical values of the index have been stuck with “Greed” and range between 60 to 68.
The Crypto Fear and Greed Index scores market sentiment on a scale of 0 to 100. “Fear,” a score of 0 to 49, shows undervaluation and excess supply in the market. And too much “Fear” in the market could indicate “overselling and excess panic.” Moreover, “Greed,” a score of 50 to 100, suggests an overvaluation of cryptos and a possible bubble. The increase in “Greed” usually indicates excess demand and artificially inflated the prices.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
