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Bitcoin

Bulls Take The Lead As Bitcoin Investor Sentiment Recovers

Best Owie
by Best Owie
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin investor sentiment had wavered following the implosion of the FTX crypto exchange. This had sent market sentiment to one of its lowest points for the year 2022, falling deep into the ‘Extreme Fear’ territory. However, as the market has recovered with time, investors in the space have been able to take stock of losses and readjust, with the positive CPI report boosting the faith in the market. Now, sentiment has seen a marked uptick as bulls become stronger.

Bitcoin Investors Leave Extreme Fear Behind

Over the last couple of days, bitcoin investor sentiment had been steadily improving. Data from the Fear & Greed Index shows that while the market finished last month in extreme fear, the new month has seen better levels. A six-point increase from November’s 24 has put the index at 30, bringing the market comfortably out of extreme fear.

Related Reading: ‘Bitcoin Will Go Up’: Senator Lummis Defends BTC In Retirement Plans

Now, even though this is an improvement from last month’s figures, it does not mean that bitcoin is out of the woods yet. Investors are still very wary of putting money into the market, as evidenced by the low 30 out of 100 scores’ on the Fear & Greed Index, but nevertheless, it does mark a slow return of faith in the market. 

Bitcoin investor sentiment

Investor sentiment improves in new week | Source: alternative.me

Bitcoin’s brief recovery above $18,000 on Tuesday was obviously the driver behind the three-point increase recorded between yesterday and today. So the digital asset would need to maintain its gains to keep sentiment consistent at these levelers. However, there would need to be a significant increase in bitcoin’s price to see higher levels or even to see the greed territory.

Crypto Market Recovery Holds

In the last 24 hours, the total crypto market cap has already seen more than $30 billion added to it. This is a result of bitcoin’s recovery and then the rest of the crypto market rallying behind it. Presently, a lot of the cryptocurrencies are still holding onto a good portion of their gains, enabling the crypto market cap to stay above the $820 billion market cap.

Related Reading: Total Shiba Inu Addresses Touches New High, Will SHIB Price Follow?

Bitcoin is already seeing 3.96% gains in the last day as it continues to hold above $17,700 at the time of this writing, as well as others such as Ethereum still trading above $1,300n with 5.17% in 24 hours. Obviously, the digital assets are still riding the high from yesterday’s recovery.

Bitcoin price chart from TradingView.com

BTC down more than 70% from ATH | Source: BTCUSD on TradingView.com

However, on a year-to-date basis, the crypto market has not done too well, losing more than $1 trillion off the top in just 2022 alone. With only about two weeks left for the year, it looks like the market will ride it out on a low note, with bitcoin closing below $20,000.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie

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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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