Bitcoin Lingers in a ‘Neutral’ Phase as the Fear and Greed Index Signals Market Consolidation
A week prior, bitcoin (BTC)
was priced at $27,189 per unit. Over the past day, its value danced
between $28,103 and $27,770. This week witnessed
a 2.6% climb in bitcoin’s value, and it surged
by 7.9% on a 30-day scale.
Throughout these fluctuations, the Crypto Fear and Greed Index (CFGI) has unswervingly projected its
“neutral” position — not just today, but yesterday and the entire past week.
Overwhelming fear can depress prices too much, while rampant greed can inflate them excessively.
On October 8, 2023, alternative pegs the
CFGI at 50, a slight rise from
last week’s 48. Coinmarketcap’s “Fear and Greed” index echoes this sentiment,
marking a neutral score of 46 on Sunday.
Being neutral or ambivalent suggests the absence of a prevailing sentiment. It’s akin to a balance
where neither pessimistic bears nor optimistic bulls command the market.
With the current
RSI around 61 and a stochastic reading near 75,
there’s a balance between buy and sell pressures. Given these readings from both the oscillators and CFGI,
it seems the market is poised in a consolidation phase, awaiting future cues or triggers.
