Bitcoin Fear And Greed Index Rises To 'Neutral' After 9 Months Despite $33M Shorts Liquidations

The Bitcoin (CRYPTO: BTC) Fear and Greed Index has spiked to a “Neutral” sentiment for the first time since April 2022.

What Happened: According to the index tracker, it was 51, pointing towards a “Neutral” zone, for the first time in nine months.

The tracker was in “Fear” zones due to the prolonged bear market after various events in the crypto industry, such as the Terra crash, 3AC's bankruptcy, and the collapse of FTX.

The Bitcoin Fear and Greed Index provides a metric of investors' sentiment. It measures multiple factors such as volatility in price, and social media comments to display current investor emotion on a scale of 0, an indicator of “Extreme Fear” to 100, an indicator of “Extreme Greed.”

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Data from Coinglass shows that over $30 million BTC has been liquidated in 24 hours at the time of writing. However, the apex crypto is still trading above the $21,000 range.

Crypto Analyst Michaël van de Poppe said that Bitcoin is trying to break resistance, and might take a leap to $21,600. 

#Bitcoin trying to break resistance, might actually seek for a sweep of $21.6K.

Eyes still on $DXY coming days.

— Michaël van de Poppe (@CryptoMichNL) January 16, 2023

Price Action: BTC was trading at $21,150 up 1.42% in the last 24 hours, according to Benzinga Pro.

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