According to various on-chain metrics, Bitcoin is entering the greed zone as price nears $16,000.
Alternative's Fear & Greed Index shows Bitcoin is now hovering in the "Extreme greed" area.
The metric shows out of 100, the greed level in the Bitcoin market has hit 86.
In comparison, in the month of October, Bitcoin's greed level based on the Fear & Greed index hovered at around 52.Will take-profit Bitcoin pullbacks occur as a result?
Throughout the past week, analysts have pinpointed the high probability of some profit-taking action in the Bitcoin market.
Philip Swift, the founder of LookIntoBitcoin, said the Relative Unrealized Profit/Loss indicator showed Bitcoin entered the greed zone.
The UPL indicator evaluates the level of unrealized profits investors are sitting on at a certain Bitcoin price point.
During bull trends, Bitcoin tends to enter the greed zone more often than usual.
Atop the technical factors, according to IntoTheBlock, the number of Bitcoin active addresses hit a multiyear record at 1.21 million.
The strong fundamentals of Bitcoin backing the ongoing BTC rally is crucial because it shows the rally is led by genuine demand, not by hype in the derivatives market.
Bitcoin enters "extreme greed" zone as BTC price nears $16k
Published on Nov 12, 2020
by Cryptoslate | Published on Coinage
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