According to BlockBeats, on July 16, Matrixport said on the social platform that it noticed two weeks ago that the Matrixport Greed and Fear Index had dropped to its lowest possible level. Today, the 21-day moving average is on an upward trend, which historically usually indicates a key low for Bitcoin.

Whether this recovery is sustainable remains to be seen as there are still multiple risk factors that could affect the price of Bitcoin. However, the reversal of this indicator suggests that Bitcoin may be heading for a more positive period after its recent decline.