The surge in the Bitcoin Fear & Greed Index shows a significant change in investor sentiment. As the price of Bitcoin (BTC) crossed the $60,000 mark, the index also reached a new high since the end of July, crossing 71 points. Previously, the index was still hovering in the fear zone, but Bitcoin’s strong rebound quickly pushed it into the greed zone

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The Fear and Greed Index is an indicator that reflects market sentiment and is derived by analyzing social media, market trends, volatility and other data. The index ranges from 0 to 100, where 0 represents extreme fear, 50 represents stable market sentiment, and 100 represents extreme greed.

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Judging from historical data, the Fear and Greed Index has risen from a low of 32 points on October 11 to the current 71 points. This change is like a roller coaster. The last time the index was this high was in late July, and since then, Bitcoin prices have rebounded from $56,000 to $68,000. But then prices fell back due to some market crises

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Analysts believe that when the market shows fear when prices are falling, it's usually a good time to buy. Conversely, when prices rise and the market becomes greedy, it may mean that FOMO (fear of missing out) sentiment is taking over and prices may retrace.

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Additionally, while Bitcoin prices are likely to fluctuate in the coming days, market sentiment is likely to remain elevated given rising market demand and investor expectations for a second wave of the bull run