Fear and Greed Index Reaches November 2021 Levels

Amid Bitcoin’s rise to $50,000, the cryptocurrency fear and greed index reached a level of 79, marking its highest point since late autumn 2021.

The chart shows that for several years, the metric remained below 70. Market sentiment began to noticeably improve last autumn, as the market recovered and entered a bullish phase.

At the time of writing, the leading cryptocurrency is trading at around $49,900. Over the past 24 hours, digital gold has appreciated by 4.1%. Bitcoin’s market capitalization is approaching the $1 trillion mark, according to CoinGecko.

MN Trading founder Michaël van de Poppe suggested that the nearest significant price support is around $46,000.

As you can see, we’re getting at the highs of my scenarios for #Bitcoin.

That’s fine, trading is about scenarios and sometimes your analysis can be great, but the markets decide another way.

However, if $46K holds, I suggest we’re seeing $53-57K pre-halving. pic.twitter.com/74Gglbf92U

— Michaël van de Poppe (@CryptoMichNL) February 13, 2024

If this level holds, “we will see a range of $53,000-57,000 before the halving.”

Earlier, trader Rekt Capital concluded that Bitcoin has entered a rally phase ahead of the block reward halving.