CoinGecko has reported that the Bitcoin Fear and Greed Index has changed its value and shifted from "neutral" to "fear." This was caused by the price of the global flagship cryptocurrency, Bitcoin0 slipping back to the $26,000 level as it failed to hold above the recently recaptured $28,000 mark.
Now, after a recent update, the index shows 40. When Bitcoin enters "fear" territory, this may indicate that traders are getting a buying opportunity and the price may face a rise later on. When the index shows "greed," this may signify that BTC is in for an upcoming price correction.
Bitcoin returns to $26,000
Just recently, Bitcoin was propelled to regain the $27,000 level once Grayscale beat the U.S. regulatory agency the SEC in court in the case related to the SEC's refusal to consider allowing Grayscale to convert its Bitcoin Trust into a spot BTC ETF.
Yuri MolchanThe company's victory does not mean that the BTC Trust will convert into an ETF automatically; however, this legal victory has boosted both the Bitcoin price and prices across the entire cryptocurrency market.
Grayscale's victory in court took place last Monday, pushing Bitcoin to the $28,000 price line, up nearly 8%. Within a week, it lost 2.48%, dropping gradually to $27,000. Over the past 24 hours, BTC shed another 5.37%, dumping to $26,000, and then today going down to the $25,500 zone, where it is currently exchanging hands.
Alex Dovbnya
Vladislav Sopov
U.Today Editorial Team
Dan Burgin