Bitcoin Greed and Fear Index Falls to Extreme Fear
The Crypto Fear and Greed Index, which tracks market sentiment towards Bitcoin and other cryptocurrencies, has reached its lowest level since January last year, falling to “extreme fear.”
This drop in the index comes after Bitcoin was unable to break the $60,000 mark for the second time in 48 hours.
In a post to his 111,000 followers on July 11, crypto and forex trader Justin Bennett noted that Bitcoin’s price had once again been rejected at the $60,000 level, and pointed to a potential “rising wedge” formation that suggests a possible decrease in the coming days.
Bitcoin briefly rose to $59,485 on July 10 before dropping back down to $57,000 in the next 12 hours. It then attempted another rally to $59,529 on July 11 but was unable to sustain that level.
