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Bitcoin price prediction as the fear and greed index drops to 28

Bitcoin price prediction as the fear and greed index drops to 28

Last updated 30th Nov 2022
Disclosure

The Bitcoin price stabilized on Wednesday even as the fear and greed index pointed to significant fear in the market. BTC is trading at $42,426, which was slightly higher than this week’s low of $9,800. 

Fear and greed index slides

Fear and greed index is a leading gauge that measures the sentiment in the financial market. The tool was developed by CNN Money and is updated every weekday. It uses key gauges like breadth indicators, junk bond demand, and the CBOE Volatility Index (VIX) to measure this sentiment. A reading of 1 is a sign of extreme fear in the market while 100 is a sign of extreme greed.

The fear and greed index declined to 28 this week as global risks rose. Most of its sub-indices like the safe-haven demand, stock price strength, market momentum, stock price breadth, and market volatility have moved to the extreme fear zone. At the same time, demand for junk bond remains in extreme fear greed zone.

Fear and Greed index
Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.