Buy Signal? Bitcoin Investor Sentiment Falls To Lowest Level In Two Months

Name	Symbol	Market	Market Cap ($)	Algorithm
Tether USD	USDTUSD	Crypto	97,838,892,394	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Tether USD

USDTUSD

Crypto

97,838,892,394

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00019	0.02%	0.99996	0.99996	0.99997

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00019

0.02%

0.99996

0.99997

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.00	0.99971	0.99977	0.99977	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.00

0.99971

0.99977

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:42:43	19.36	0.99996	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:42:43

19.36

0.99996

USD

Price x Volume	Volume	Base Symbol	Related Pairs
20,748,147.13	20,749,258.75	USDT	USDTEUR	USDTGBP	USDTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

20,748,147.13

20,749,258.75

Buy Signal? Bitcoin Investor Sentiment Falls To Lowest Level In Two Months

10/03/2023 11:57am

NEWSBTC

Bitcoin and the broader crypto market took a hit over the last day, leading to bitcoin falling below $20,000 for the first time in two months. This decline was followed by a tremendous plunge in investor sentiment. The sharp decline saw sentiment drop to negative levels not seen since January. Crypto Fear & Greed Index Sitting In Fear For the last two months, the market was able to recover to as high as $25,000 at one point, leading to a recovery in investor sentiment. As a result, the Crypto Fear & Greed Index moved into the greed territory briefly but all of this has come to an end with the most recent plunge. Related Reading: Bitcoin Dealt Another Round Of Blows, Is The Bear Market Back? The index saw a 10-point drop in a single day, one of the sharpest declines recorded in the last year. Sitting at a score of 34, it shows that investors have once again turned very bearish. The result of this is panic sell-offs as participants in the space try to avoid further losses. Crypto Fear & Greed Index drops to 2-month low | Source: alternative.me It is a long way from last month’s greedy market which peaked at 62 on the index. The last time the market saw such a sharp decline was in May 2022 following the Terra (LUNA) network collapse. Is The Bitcoin Bear Market Back? Looking at historical data, it is possible to deduce that the bear trend will continue from here. As mentioned above, the last time the Crypto Fear & Greed Index saw such a sharp decline was when LUNA collapse, triggering a decline in the price of bitcoin from above $30,000 to below $20,000. If this happens to be a repeat of the previous trend, then bitcoin could continue declining. It is even possible to see another decline below its current cycle low of $15,500. If this happens, the market bottom may be farther away than expected. Interestingly, net flows for the past day have come out to be almost neutral for the top digital assets in the space. According to a Glassnode report, bitcoin exchange inflows came out to $782.9 million versus $796.6 million in outflows leading to negative $13.7 million in net flows. Ethereum recorded the same trend with net flows coming out to negative $29.6 million after all was said and done. 📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $782.9M in⬅️ $796.6M out📉 Net flow: -$13.7M#Ethereum $ETH➡️ $498.2M in⬅️ $527.7M out📉 Net flow: -$29.6M#Tether (ERC20) $USDT➡️ $795.4M in⬅️ $852.6M out📉 Net flow: -$57.2Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) March 10, 2023 Historically, it has always been more favorable to enter the market when the majority are scared to do so. This could mean that the current downtrend poses a buying opportunity for investors who are looking to get in at low prices. Related Reading: Cardano Investors Suffer As Vast Majority Of ADA Holders Nurse Losses At the time of writing, Bitcoin is still trending below $20,000. It is changing hands at just above $19,900, down 8.21% in the last day and seeing losses of 11.16% on the weekly chart. BTC price falls to $19,600 | Source: BTCUSD on TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from TED, chart from TradingView.com

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