- Bitcoin price managed to climb to $31,000 in the early hours of the day.
- Bitcoin investors are still very greedy and aiming for more.
Bitcoin has surpassed $31,000 for the first time in almost a year. What is the current state of Fear and Greed Index? Will there be more?
Bitcoin Price Reaches $31,000!
In the early hours of Friday, Bitcoin’s price exceeded $31,000. The last time the asset was at this price was in June 2022 – a few months before the FTX crash. Although the months following this recovery were filled with uncertainty, the result left a bullish taste in investors’ mouths.
This week alone, Bitcoin has risen from $27,000 to over $30,000, strengthening the rally. In addition, with an increase of more than 10% in the last week, the asset’s market value has approached $600 billion.
BTC/USD Daily Price Chart
Also, Bitcoin price has currently increased by approximately 100% in 2023, starting at $16,000 at the beginning of the year. Since BTC traded above its lowest level of the year, $23,721, the likelihood of the current bullish momentum continuing is higher, but it should not be forgotten that a small correction is possible considering the growth rate in the last few days.
Crypto Investors Still “Greedy”
As Bitcoin continues to recover, crypto investors become even more greedy. According to the Fear and Greed Index, which measures investor sentiment in the market using various metrics, Bitcoin investors are still very greedy.
The scale between 0-100 is currently at 68, which means greed in the market. In such periods, investors flock to the market to take advantage of growing prices, indicating that rallies are likely to continue.
Bitcoin Fear and Greed Index
In the last bull market, between 2020-2021, as prices rose, investors became even more greedy. Looking at the historical graph of the Fear and Greed Index, the index continued until it reached the Extreme Greed level, and at this point, it reached the market peak and prices began to fall.
If this historical trend means anything, then it means that the index is still in a process that needs to be progressed, which means that prices are likely to continue to rise from here. However, there is always the possibility of a crash that will bring the market down after the index reached a score of 60 in March 2022.
Currently, BTC is still maintaining its value above the support level of $30,500. There has been a 17% increase in trading volume in the last 24 hours, with a total trading volume of $21.7 billion.
