With an average 6% loss and a 10% correction in the weekly chart for Bitcoin, Cardano (ADA), XRP, and others, the crypto market has been trading in choppy waters for the past days. The uncertainty has brought a change in the sentiment, as traders prepare for further downside. Data from Arcane Research records a flipped in the Fear and Greed Index, the indicator has quickly moved from “Greed” to “Fear” as Bitcoin and other major cryptocurrencies in the top 10 by market cap retested critical support levels. Bitcoin had a particularly bad week in terms of performance as an increase in volatility caused the price to fluctuate in a range between $55,4000 and $60,000. On the other hand, Ethereum has showed more strength as it has been able to quickly bounce back from its low and into the mid area around its current levels. Related Reading | TA: Bitcoin Holds Key Support, Why BTC Remains At Risk of Sharp Decline As Arcane Research noted, the crypto market’s sentiment is still far from suggesting a cycle top. Despite the downside pressure, fundamental remains for future appreciation as most cryptocurrencies successfully retested their monthly lows. Arcane Research noted the following: (…) in bull markets, the Fear and Greed Index indicate “greed” or “extreme greed” for more extended periods with short periodical visits to the “fear” area, just like we saw this spring. Therefore, a “fear” level is not necessarily a signal that the...
