Matrixport: Bitcoin Fear Index drops to 9%, hitting extreme panic zone, or foreshadowing a short-term rebound
Matrixport released daily chart analysis, stating, "Our real-time Bitcoin greed and fear index (currently reading 9%) has once again dropped below 10% (the index ranges from 0% to 100%) - historically, this level marks the market entering a state of 'extreme fear'. From a strategic perspective, after such readings appear, the market often sees a short-term rebound, so this could also be a bullish reversal signal. However, we would prefer to see the 21-day moving average of this index also bottom out and rebound, which has not yet happened. In addition, last week Bitcoin exchange-traded funds (BTC ETF) recorded $1.2 billion in outflows, market uncertainty continues to exist, and the Bitcoin price is below the 21-day moving average, among other factors, the current market sentiment remains fragile. Until clear macroeconomic or policy catalysts emerge to change the market narrative, maintaining a cautious stance is still a prudent move."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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