Bitcoin (BTC), the top cryptocurrency in the world in terms of market capitalization, is in the correction phase at the moment. After 2021, it has been the most stressful correction phase of Bitcoin ($BTC). The entire crypto community is hopeful that the largest digital currency will soon come out of the correction phase and head to a new bull run.
$BTC SMA30D Fear and Greed Index Recovers, Hitting the Level of 40%
A cryptocurrency trader has analyzed the current behavior of the king cryptocurrency and has come to the conclusion that the coin has entered into its most stressful correction phase. Last time, it happened in the year 2021 when China imposed a ban on cryptocurrency mining.
While analyzing the Fear and Greed Index of Bitcoin ($BTC), the trader found out that the average $BTC Fear and Greed Index SMA30D has started recovering and has managed to reach the level of 40% somehow as shown in the above-mentioned chart shared by the crypto trader in its tweet. The average SMA30D can reach the level of maximum greed if it increases by 2x.
Bitcoin ($BTC) Fear and Greek Index usually predicts the market sentiment of crypto community. Extreme Fear represents a buying opportunity for traders while on the other hand, Extreme Greed indicates that the market is expected to have a correction. As per the current $BTC Fear and Greed Index, the world’s largest digital currency’s score on the index is 56 which shows Greed.
BTC Expected to Overcome Its Next Resistance?
Bitcoin ($BTC) price value is currently hovering around the figure of $94k with a negative change of 0.56% in the last 24 hours. It has failed to cross its key resistance level of $96 which is restricting the king crypto from hitting the $100k milestone again.
With its recovery in SMA30D index, the price value of BTC is likely to overcome its next key resistance in the days to come which might see the coin witnessing massive gains.