For context, October has proven to be the most frequent bullish month for Bitcoin resulting in an average gain of 22.90% in the last 11 years. Related Reading: Bitcoin Price Dip Explained: Key Causes And Where To Expect A Bounce Back To $70,000 Dominant Activity Of Stablecoins Supports Fear And Uncertainty Among Investors In addition to the Bitcoin Fear and Greed Index of 37, the crypto market has also experienced an increase in market activity of stablecoins namely the Tether USD (USDT) and USD Coin (USDC). This development indicates that investors are opting for less volatile assets than risky coins such as Bitcoin, which is often due to uncertainty and fear of impending price crash.
Related Reading: Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important Bitcoin Fear And Greed Index Touches 37 As Investors Become Uncertain In a Quicktake post on CryptoQuant, an analyst with username maartunn shared that the Bitcoin Fear and Greed Index currently signals fear following the asset’s recent price slump The Fear and Greed Index generally measures the emotions, moods, and behaviors of the crypto market as well as predicts potential trends based on investor sentiment.
In particular, the analyst notes that each time the Fear and Greed Index reached the fear level since 2023, Bitcoin’s price has formed a bottom, i.e.reached the lowest point during a price decline, and is set for price reversal. Notably, Bitcoin already showed an upward movement on Friday after starting October with a price decline.
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