Bitcoin Fear and Greed Index Shifts to Greed Zone, Suggesting BTC May Be Overheated
The Bitcoin Fear and Greed Index’s value has hit 65, which is the Greed area. When this index shows Greed, it means the market is saturated and the price may be in for an upcoming price correction.
Bitcoin Fear and Greed Index is 65 — Greed
Current price: $34,235 pic.twitter.com/XdAAmEA6tg— Bitcoin Fear and Greed Index (@BitcoinFear) November 3, 2023
Currently, the world’s flagship digital currency, Bitcoin, is changing hands at $34,415 after a slight price correction overnight, when BTC declined by roughly 4%.
The aforementioned Bitcoin index may demonstrate three zones for BTC (and other major cryptos too) – fear, when it is a good time to buy, neutral and greed. The latter signifies that investors may soon begin to sell some of their Bitcoin to lock in profits.
Whale Alert has already spotted a massive BTC chunk sent to a large crypto exchange, Bitfinex. An anonymous whale transferred 7,000 BTC to it – that crypto lump is worth $244,457,443.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 7,000 #BTC (244,457,443 USD) transferred from unknown wallet to #Bitfinexhttps://t.co/fK3JIglVhV
— Whale Alert (@whale_alert) November 2, 2023
Over the past 24 hours, the Bitcoin price has shown a decline of 3.64% after an earlier rise of over 5%