Aug 11, 2023

Crypto-services provider Matrixport's Bitcoin Greed & Fear Index, which has a solid track record of marking trend reversals, is signaling a bull revival in bitcoin (BTC).

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. A bull revival might be on the cards for Bitcoin. That's according to Matrix ports, proprietary Bitcoin greed and Fear index which has a track record of marking trend reversals. The index measures investors sentiment with readings above 90% signaling greed or excess optimism and readings below 10% representing extreme fear pessimism. The data shows the index turning higher from 30 to 60% and bottoming out after July's slide down from above 90%. Head of strategy at Matrix Port Marcus th and wrote in a note, the index appears to have bottomed out as the daily signal that's depicted in the gray. There is projecting upside pressure after four weeks of consolidation indicator is tactically bullish and Bitcoin prices could resume the up trend. Bitcoin is currently trading around $29.4000. That's it for today's chart of the day. I'm Jen Senai. I hope you have a great weekend and we'll see you next time to unpack more of the data behind top news stories.

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