By Hassan Mehmood (Saudi Arabia)
The Fears and Greed index of the world’s leading cryptocurrency Bitcoin indicates the possibility of a buying opportunity for traders and investors.
The leading asset is currently trading opposite to the bearish mode but its fears and greed index reports that there is a chance of buying opportunity for the investors in the near future.
BTC Index shows “Extreme fear” in the community
Bitcoin’s major indicator, Fear and Greed index has shown the level of “Extreme fear” in the crypto community. This represents the tensed behavior of traders regarding the price action of the coin.
This “Extreme Fear” sentiment would produce the possibility of buying opportunity for Bitcoin investors. Bitcoin’s fear and greed index recorded the sentiment of “fear” in the month of November.
What does the Arcane Research Report say
A recent report of Arcane Research says that there has been noticed an average fall of 10% in the top ten crypto assets. Among these cryptocurrencies, Ethereum has lost most of its value. It has lost over 95% value during the year 2019.
Also read:As compared to other crypto assets, the leading asset Bitcoin has shown a better performance. Though the price value of the coin has recovered recently, it recorded the mark of $6609 on 17th Dec.
The falling price action of the coin from the month of June has negatively affected its volume. The volume is down to 88% since the start of June.
The Arcane Research report says that the Bitcoin uptrend is looking flat again. As the report elaborates:
What looked like an upwards trend is now looking flat again, or even downwards. These levels have not been seen since the beginning of May. At that time, the bitcoin price was around $5,500-$6,000.
If the sentiment of “Extreme Fear” remains on the BTC fear and greed index then the investors will not have to wait too long for the buying opportunity of the asset.
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