Bitcoin Market Sentiment at Its Worst Since Mid-October: Reversal Signal?

Data shows that the sentiment of Bitcoin investors has dropped to its lowest level since mid-October. Here is the significance of this for the price of BTC. Bitcoin's Fear and Greed Index has recently decreased The 'Fear and Greed Index' is an indicator created by Alternative, which informs us about the general psychology present among traders in the Bitcoin market and cryptocurrencies in general. This index takes into account the data of the year factors to calculate its value: volatility, trading volume, market capitalization dominance, social media sentiment, and Google Trends. When the value of the index is greater than 53, it means that the general psychology of most investors is greed. On the other hand, when the index is below 47, it means that fear is prevailing in the industry. Of course, the index between these two thresholds indicates a neutral sentiment. Here is the current Fear and Greed Index of Bitcoin: Please provide the text to be translated. As can be seen above, the latest value of the indicator is 65, implying that investors share a greedy psychology. This is a sharp decrease from the level of the index yesterday, as shown in the chart below. Please provide the text to be translated. Even ignoring the recent drop, it's clear that Bitcoin's Fear & Greed Index has been declining for a while. The reason behind this decline in sentiment is the price drop that BTC has experienced recently. The value of the index is 73 yesterday, quite close to a special zone called extreme greed. The market is believed to maintain this psychology when the index is at 75 or higher. Throughout most of this month, the indicator has really stayed in this range due to the strong momentum of cryptocurrencies reaching a new high above the $100,000 mark. According to tradition, Bitcoin tends to move in the opposite direction of the crowd's predictions, and the likelihood of such a reverse action only increases when investors become more certain of a certain direction. Extreme greed is an area where peaks often occur for BTC prices because this ability is strongest there. There is also a similar area for fear, called extreme fear, which occurs at a level of 25 or lower. With Bitcoin's recent significant decline in sentiment, the price of this asset may no longer be at risk of experiencing another major correction. However, greed is still a factor, so another price increase is also possible. DYOR! #Write2Win #Write&Earn $BTC (BTCUSDT)