Data shows greed in the crypto market is on the rise, a signal that another Bitcoin correction could be coming soon. Looks like last month, the meter pointed at extreme greed as the indicator’s value was around 79, while last week the values were low at around 25. Generally, when the market shows extreme fear, investors think of it as a good buying opportunity as BTC price usually appreciates following such periods.
At the time of writing, Bitcoin’s price floats around $52.6k, up 25% in the last seven days. Over the last month, the coin has accumulated 2.5% in gains.
Bitcoin has continued a great uptrend the past several days as the coin now approaches a test of the $53k level. But with the fear and greed index starting to point at greedy market sentiment, BTC could be due for a correction soon. Though other factors can also affect the price so it remains to be seen where the trend will go next.