The Bitcoin sentiment is currently set on the level “fear” with the latest Bitcoin price plunge.
According to the latest reports, the current prevalent bearish trend dragged the king of cryptocurrency, Bitcoin (BTC) below eleven thousand dollars ($11,000); the sentiments on Bitcoin have now entered the fear zone.
Bitcoin sentiments on the index
The Fear and Greed index analyzes the volatility of the market, social media, and conducts surveys to measure crypto traders’ sentiment. The index on last Saturday indicated reed as BTC traded between eleven thousand three hundred and eighty-one dollars ($11381) and eleven thousand four hundred and forty dollars ($11444).
Presently, it registers at forty-five; a sign indicating investors’ concerns about the further drop in prices.
The index is run by the creators and developers of the Thudercheck.org and the Strawpoll.com. The index indicates that when the crypto traders are fearful, then typically a market correction is underway.
The needle can shift on extreme fear whenever some significant correction is taking place, which tends to indicate the overly worried investor attitude, and maybe a buying opportunity has emerged.
Currently, Bitcoin is a little over four (4.08%) percent at ten thousand seven hundred and seventy-seven dollars ($10777).
Ethereum is a little over one (1.73) percent at two hundred and eight dollars, XRP is 0.9 percent at $0.2992, and Litecoin is a little over two (2.09) percent at eighty-four thousand (84.22) dollars.