Matrixport's Bitcoin Greed and Fear Index, known for predicting trend reversals, suggests a bullish revival in Bitcoin. The index measures investor sentiment, with readings above 90% indicating greed and below 10% indicating fear. The latest data shows the index has risen from 30% to 60%, indicating a tactical bullish signal and a potential uptrend in Bitcoin prices.
The index's historical correlation with bullish and bearish reversals in Bitcoin's price, along with the bottoming out of the 21-day simple moving average, further supports the case for renewed upside volatility in Bitcoin. The SEC's decision on Ark Invest's Bitcoin ETF application is also expected to impact price volatility.
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