June 23 (Cointime) - Matrixport's Bitcoin Greed & Fear Index (GFI) has surged from under 10% to over 90% in just one week, indicating excessive optimism and greed in the market. Historically, an above 90% reading on the GFI has coincided with interim market tops for Bitcoin.
Markus Thielen, head of research and strategy at Matrixport, suggests short-term traders may want to lock in some gains as the cryptocurrency market takes a breather. However, the 21-day moving average of the index is still rising, indicating further potential upside after a period of consolidation.
All Comments