Market Sentiment Shoots Up As Bitcoin Eyes $25,000

The crypto market sentiment had taken a beating when the price of bitcoin fell to a new cycle low of $17,600. With this, investor sentiment had plummeted to new yearly lows. But slowly, the market sentiment had recovered and made its way out of the extreme fear territory. That is until now when the market sentiment has recorded an enormous push upward off the back of another market rally. Sentiment Turning Green The crypto market sentiment has been on an uptrend since the recovery started back in July. When the price of bitcoin first hit $24,000 for the first time since the market trend, the market sentiment had quickly moved out of the extreme fear territory. Despite the recovery in the market, the market sentiment was still mainly in the red, and the score on the Fear & Greed Index remained low. However, the Wednesday market recovery saw one of the largest jumps for the year 2022. After trending around 31 on the index for most of Wednesday, the score had seen a sharp upward reversal to 41. Related Reading: Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue This level puts the market sentiment the closest to greed that it has ever been since the crash. It is also a sharp contrast to the score for last week, as well as the overall score for the month of July, which put the market at a 16, deep in extreme fear. The reversal also shows that investors are beginning to return to the market. Accumulation trends are usuall...