In-depth analysis of Bitcoin price: Does the 30% fear and greed index indicate the bottom of the market?
Among the key observations on the Bitcoin market, we noticed several eye-catching trends. First of all, although the price of Bitcoin remains stable above the psychological mark of $60,000, the overall market is still in an adjustment stage.
Looking back at the recent trend, the price of Bitcoin fell from a high of 72,000 to 60,919, with a cumulative decline of 15.35%. Along with this adjustment, the market's fear and greed index also dropped significantly to the 30% level, reflecting the market's concerns.
However, there are signs that market sentiment may be shifting. Data shows that a large amount of Bitcoin was transferred to accumulation addresses, with more than 20,200 BTC absorbed by long-term holders. This accumulation behavior often heralds a pickup in market sentiment and a potential rebound in prices.
Another point worth paying attention to is the movement of Bitcoin miners. Currently, the capitulation retracement rate of Bitcoin miners has reached 7.6%, which is usually regarded as a signal of the market bottom. Because when miners are under pressure to sell Bitcoin, this may reduce selling pressure in the market and create conditions for a price rebound.
Looking at technical indicators, Bitcoin price remains firmly above the 200-day exponential moving average, indicating that the overall market sentiment remains bullish.
To sum up, although the Bitcoin market is still in the adjustment stage, a series of positive signs, such as the decline of the fear and greed index, the accumulation behavior of Bitcoin, and the capitulation and retracement of miners, may herald the arrival of the market bottom. . However, investors still need to remain cautious and pay close attention to market dynamics to make informed investment decisions.
