Key Bitcoin Index Shows 'Greed' As Longs Outweigh Shorts At $7M
The cryptocurrency market sentiment is at a one-year high, showing a change in investor attitude, as reflected by the values of the Bitcoin (CRYPTO: BTC) Fear and Greed Index.
What Happened: The Fear and Greed Index reached 61 on Monday, this is an improvement from last month when the Index signaled “extreme fear” among investors at 25.
The current level of 61 is considered to be in “greed” territory, indicating optimism and more bullish market sentiment.
According to data from Coinglass longs were holding $7.6 million in the last 12 hours, as shorts liquidated $2.41 million. On Binance, longs were holding $3.11 million in crypto assets.
See More: Best Crypto Day Trading Strategies
The recent bull run in the crypto market has contributed significantly to a surge of greed among investors. Despite the 'greed' sentiment, there is always the risk of a sudden correction or pullback that could result in significant losses.
Price Action: At the time of writing, BTC was trading at $23,661 up 2% in the last 24 hours, according to Benzinga Pro.
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