Bitcoin. Wow. Hope you are enjoying this Bull Run. With a solid weekly close, there's a chance for a continued push higher into this next week.
At 8 PM New York City Time USA on March 27th, the Bitcoin Fear and Greed Index reached it's highest value = 60, since November 16, 2021.
On November 16, the index = 71, but notably, on the 17th of November, the index value dropped nearly 20 points to a value of 52. Things continued into a slowly evolving bear market back at that time that eventually bottomed out around $33K USD/BTC (hope you bought some) over a few months, before starting the recovery to present levels.
Below is a 1-year chart of the Fear and Greed Index values. On the horizontal x-axis is the date whereby to the left is 1 year prior (Mar 27, 2021) and on the right of the horizontal axis is the present date. On the vertical y-axis are the Fear and Greed Index values spanning those dates with 0 (extreme fear) at the bottom of the y-axis, and 100 (extreme greed) at the top of the y-axis.
As I write this evening, the current price is $47,289.96 USD/BTC (and going up as write?). Over 24 hours, BTC is up 6.02%, and is up on the week 14.56%. WOW!
I would expect a little correction perhaps seeing as how there was a pretty insanely huge green candle on the 15 minute time frame right at about 4:30 PM New Your City Time, USA, today on March 27'th. That candle, in the futures market (which varies just a little from the spot market) spanned from as low as $44,731.00 USD/BTC, and had a high of $46,700.00 USD/BTC. That difference in price alone is a jump of in the neighborhood of about 4.4%, within the 15 minute candle. Who knows though - once Bitcoin gets this kind of momentum, it can really build fast. Perhaps especially now considering concerns over financial censorship and inflation are ever increasing. It certainly seems that the HODL'ers are increasing for BTC out there based on what I'm seeing around too, scarcity and FOMO in full effect.
Yesterday at the same time that tonight's index = 60 was posted, the Fear and Greed Index = 49 and was at a level of "neutral." When it was 49 yesterday, the price was $44,543 USD/BT. Last week, the running average value of the Fear and greed index only = 30. Thus, today's value is double the running average for the 7 days leading up to and combined into an average for a week ago today. That's a big jump. But, the index does go all the way to 100, as it's highest value. So, there is room. "We're not to "extreme greed" just yet. Usually, there's at least small cool down after big gains like this though.
In my last article about the Bitcoin Fear and Greed Index, I provided all the metrics and information that go into its calculation. If you are not too familiar with how it works, how understanding the index might help you, and what you might be skeptical about or take away from the components in the index, have a look: https://www.publish0x.com/jglonder/bitcoin-fear-and-greed-index-at-25-bitcoin-up-52-percent-on-xoovgqx
Bitcoin is on amazing run right now.
Yep, we're all geniuses friends!