Bitcoin Fear and Greed Index Touches “Greed” for the First Time Since November
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Notably, for the first time in over four months, the crypto Fear and Greed Index has entered the “Greed” level. The Fear and Greed Index analyzes the “emotions and sentiments from different sources and crunch them into one simple number.”
As of March 29, Bitcoin’s Fear and Greed Index is at 56 (Greed) after tapping 60 yesterday. Only on Sunday, this metric was at 49, a “neutral” reading, and a few days before that, it was at 30, a “fear” reading.
Apart from the positive Fear and Greed Index standing, Bitcoin has also recorded an impressive exchange volume after the volume spiked above the $100 billion mark and recorded a 24-hour global trade volume of $132 billion yesterday.
Furthermore, the flagship cryptocurrency continues to prove its naysayers wrong as its rebound comes after six Bitcoin Obituaries in 2022 alone. Bitcoin Obituary is the term given to declarations of the cryptocurrency dying off and going out of existence. Since 2010, there have been over 400 death proclamations on Bitcoin, according to statistics from 99bitcoins.com.
Key Bitcoin Levels to Watch — March 29
Bitcoin has regained a solid bullish momentum as the benchmark cryptocurrency obliterated the $45K – 47K zone within 48 hours. BTC has now touched the $48K top for the first time in 2022, a new yearly high.
Also, the flagship cryptocurrency has re-emerged on top of my long-term ascending trendline for the first time since early February. Bulls now have to fight to stay above the $47K floor or risk losing control of this trendline.
A successful defense of that line, in the near term, could help BTC fulfill the $50K March target before next week. However, it appears unlikely at this time that the price will exceed $48K without a retrace towards $46K.
Meanwhile, my resistance levels are at $48,000, $49,000, and $50,000, and my key support levels are at $46,300, $43,000, and $42,000.
Total Market Capitalization: $2.13 trillion
Bitcoin Market Capitalization: $892.7 billion
Bitcoin Dominance: 42%
Market Rank: #1
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