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Bitcoin Index Shifts from 'Neutral' to 'Fear' as BTC Slides Back to $26,000

Fri, 09/01/2023 - 15:15
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Yuri Molchan
Leading Bitcoin index now shows fear, indicating change in investor sentiment
Bitcoin Index Shifts from 'Neutral' to 'Fear' as BTC Slides Back to $26,000
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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.

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The 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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at