Bitcoin Hits Highest Level in 18 Months as Market 'Greed' Increases, Sparking Short Frenzy
Bitcoin (BTC) valuation has increased by 4.4% against the US dollar this Thursday, marking a strong appreciation of 34% compared to the previous month. Bitcoin is now trading just above the $37K threshold, a level last seen on May 6, 2022.
This shows that for a period of more than a year, or more than 550 days, the price of bitcoin remained below the $37K mark. It has been 238 days since the value of BTC fell below $25,000, which occurred on March 16, 2023, and 299 days since it fell below $20,000 on January 14, 2023.
Furthermore, bitcoin has not priced at $10,000 or lower since July 27, 2020, about 1,200 days ago. From 2020 to 2023, the price of bitcoin remained below $10,000 for 202 days, below $20,000 for 471 days, and below $25,000 for a total of 637 days.
This week, bitcoin price has maintained a solid position above $35K, signaling a bullish outlook as indicated by technical oscillators and the latest moving averages. The short-term 10-day exponential moving average (EMA) and simple moving average (SMA) are showing bullish signals, indicating a strong price trajectory in recent time.
Despite these positive indications, the Crypto Fear and Greed Index (CFGI) continues to show a trend towards “greed.” The index reflected this sentiment last week as well as the day before, while the index reflected a “neutral” feeling last month as reported by alternative.me.
According to CFGI, “extreme fear” may signal widespread concern among traders and investors, potentially marking an appropriate entry point. Conversely, “extreme greed” suggests that the crypto market may be ready for a price correction.
