Bitcoin Surges to 18-Month High, Riding the Wave of "Greed"

Bitcoin Surges to 18-Month High, Riding the Wave of "Greed"

Bitcoin peaks at an 18-month high, riding the wave of "greed" in the crypto world. The Crypto Fear and Greed Index (CFGI) currently scores 69 out of 100. As of November 9, 2023, at 5:20 am Eastern Time, the price of Bitcoin breached USD 37K. This level has not been breached since the first week of May 2022, spanning more than 550 days. 

USD 96 Million Lost as Bitcoin Surge Crushes Shorts 

Bitcoin gained a robust 4.4% against the US dollar this Thursday, marking an impressive 34% surge over the past month. Bitcoin is now trading above the USD 37K threshold, which was last seen on May 6, 2022.

It is notable that for more than a year and over 550 days, Bitcoin remained below USD 37K. It is also important to note that 238 days have passed since Bitcoin's value dipped below USD 25,000 on March 16, 2023, and 299 days since it dipped below USD 20,000 on January 14, 2023.

Bitcoin has not declined below USD 10,000 since July 27, 2020, which is about 1200 days. Data reveals that Bitcoin remained below USD 10,000 for 202 days, below USD 20,000 for 471 days, and below USD 25,000 for 637 days from 2020 to 2023.

This week, Bitcoin maintains a solid stance above USD 35K, with a bullish outlook as suggested by the technical oscillators and moving averages. The 10-day short-term exponential moving average (EMA) and simple moving average (SMA) have flashed bullish signals, hinting at a resilient upward trajectory.

Crypto Fear and Greed Index (CFGI) Leans Towards "Greed"

Despite the recent positive signs, the Crypto Fear and Greed Index leans towards "greed." The index maintains its greedy disposition, echoing sentiments from the past week and the previous day, while it displayed "neutral" vibes last month, as reported by alternative.me.

According to the CFGI, “extreme fear” may be explained as a concern among traders and investors, potentially referring to entry-level. Conversely, “extreme greed” indicates the market has matured and needs a price correction.

The recent data highlights the harsh reality for those who placed bets against Bitcoin. Short bets crumbled as losses mounted to USD 162 million in the last day alone. Bitcoin's rapid climb towards USD 37K triggered the liquidation of over 59% of the shorts, resulting in an estimated USD 96 million loss. 

What is your take on the Crypto Fear and Greed Index? Please share your thoughts and opinions about this subject in the comments section below.