Bitcoin Surges Past $37K Mark
The Crypto Fear and Greed Index (CFGI) currently shows a “greed” mood in the cryptocurrency market, scoring 69 out of 100. As of November 9, 2023, at 5:20 a.m. Eastern Time, the price of bitcoin peaked above $37K — a level not seen since May 2022, over 550 days ago.
Bitcoin’s Impressive Valuation
Bitcoin’s value has surged by 4.4% against the U.S. dollar, marking a 34% increase over the past month. The cryptocurrency is currently trading just above the $37K mark, a level last observed in May 2022.
For over a year and more than 550 days, bitcoin’s price remained below $37K. It has been 238 days since it fell below $25,000 and 299 days since it dropped under $20,000.
Additionally, bitcoin hasn’t been priced at $10,000 or lower since July 27, 2020, which is approximately 1,200 days ago. During this time, its price remained below $10,000 for 202 days, below $20,000 for 471 days, and under $25,000 for a total of 637 days.
Bullish Trend Amidst Greed Sentiment
Bitcoin’s price has consistently stayed above $35K this week and technical indicators point to a bullish outlook. Both the short-term exponential moving average (EMA) and simple moving average (SMA) suggest a strong price trajectory recently.
Despite these positive signals, the CFGI indicates a leaning towards “greed.” This sentiment was also reflected last week and the day before while showing “neutral” feelings last month.
Risks for Short Bets
The CFGI suggests that “extreme fear” may signal widespread concern among traders and investors while “extreme greed” might indicate an impending price correction in the crypto market. However, those who bet on a crypto downturn through short positions have suffered significant losses. The swift rise of bitcoin towards $37K led to the liquidation of over 59% of short positions amounting to about $96 million in losses.
Hot Take: Bitcoin’s Resilience Amidst Greed
The recent surge in bitcoin’s price above $37K reflects its resilience and ability to maintain an upward trajectory despite sentiments leaning towards greed in the crypto market. This surge has resulted in significant losses for those betting against bitcoin’s rise but points to continued bullish momentum in the near term.
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