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Bitcoin (BTC) has stabilized at round $55,000 after dropping by $6,000 in a single day — however crypto market sentiment remains to be in shock.
According to the Crypto Concern & Greed Index as of Nov. 27, feelings at the moment are on the most fearful since late September.
Crypto sentiment dives into “excessive worry”
Concern & Greed, which takes a basket of things to compute a standardized sentiment rating for crypto markets from 1-100, presently sits at 21.
Friday took its toll on the metric, with the rating greater than halving in 24 hours from its earlier place of 47.
These two readings correspond to sentiment going from “impartial” to “excessive worry” — lacking out on the “worry” zone altogether.
Whereas an expected response, the upheaval obvious the emotional state of market contributors is changing into a supply of amusement for some acquainted names.
Investor and entrepreneur Alistair Milne famous that “excessive worry” is hardly an applicable response to BTC/USD buying and selling at $54,000. Certainly, the final time that the Bitcoin spot worth was at these ranges was in mid-October, Concern & Greed measured 78, in any other case often called an “excessive greed” territory.
“This a lot worry and we’re at $54k. Wild,” he summarized.
On Sept. 30, when the Index final hit 21/100, BTC/USD traded at round $43,800 on Bitstamp.
Funding charges see in a single day reset
As Cointelegraph reported, the newest and deepest part of the BTC worth correction got here as dealer habits on exchanges stayed curiously optimistic.
Funding charges, being optimistic regardless of Friday’s transfer, showed that market expectations have been for a swift restoration.
Associated: Bitcoin reverses ‘bear market’ at $53.5K as Pfizer gains on fresh panic over coronavirus ‘Nu’ variant
On the time of writing, nevertheless, it appears that evidently the journey to lows of $53,500 was sufficient to reset the temper — funding charges at the moment are again to regular and present no bullish bias.
As famous by analytics agency Delphi Digital this week, nevertheless, funding stays decrease relative to the primary half of 2021 — and this will sign an absence of total route.
“Funding charges proceed to be low on the futures markets. This might be an indication that the shorter-term leveraged merchants are nonetheless undecided directionally,” researchers told Twitter followers.
“Wanting again at first of the yr, the bullish run-up has been accompanied by a considerably larger funding fee.”
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