Bitcoin Forecast: BTC price goes up, recovers 30%

Bitcoin price is showing signs of improvement. The overall sentiments seems to be positive and well responded by traders. On Feb 02, Cointelegraph reported, 330,000 BTC bought at spot prices between $36,000 and $38,000. This is particularly confirmed by the number of BTC addresses holding above 1000 BTC. They have been found accumulating Bitcoins over the past couple of weeks, al though that number went down with the bearish market but on full recovery.

BTC rally and short liquidations

The last couple of months have been pretty chaotic for Bitcoin and altcoins. The price of Bitcoin dropped to year lowest from it’s all-time high and of course as is usually the case, altcoins followed. During this time, Bitcoin also lost significant market dominance but that was a short-lived moment. As Bitcoin have recovered about 30% over the last two weeks.

Yesterday, Bitcoin touching $45K indicates overall a good change in the market. As the ratio of Shorts to Long appears to be depleting.

The crypto Greed and Fear Index

What is the Crypto Greed and Fear index? The crypto greed and fear index is merely an indicator of different emotions and sentiments collected from different sources and represented in a number.

This number can be useful at times as some data can not be clearly understood for example, social media sentiment.

The crypto greed and fear index which has recently touched the number 50 is a sign of overall good sentiment. This number is composed of data based on volatility, social media, market volume, dominance, crypto trends and other surveys.

The Crypto greed and fear index is currently at the highest number since November 2021. Is this a sign of market heating up? Let us know in the comments.

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