Sentiment around the crypto market had been on the rise when the price of Bitcoin and Ethereum had picked up some momentum. Both of these digital assets had been able to reach a new two-month high following the surge in prices. This resurgence quickly saw positive market sentiment erode over negative and pushed the Fear & Greed Index close to “Greed.” However, before the market could enter this green territory, the retracement began. Crypto Market Shies Away From Greed The recovery in price had put the market sentiment on a positive path that it had not seen in a while. The optimism had grown so quickly that the Fear & Greed Index had seen more than 30 points added during this time period. What this meant was that the market had been able to clear out of the “Extreme fear” territory and traverse into the higher end of fear. Related Reading: Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn Slowly but surely, the index had seen the recovery inch it closer to greed. At its highest, it had reached a score of 44 on the index, only 6 points shy away from “Greed.” This was when the price of bitcoin had been trading close to $25,000, and Ethereum had beat $2,000. Expectations were that this trend would continue, and the market would finally find itself once more in greed. But that would prove not to be the case this time around. After touching a new 4-month high of 44, the market had quickly retraced an...
