What we are currently seeing on Bitcoin has also been reflected in the Fear & Greed Index, which shows the status of “Extreme Greed”.
After a document was discovered earlier this week confirming that Tesla had invested $ 1.50 billion in Bitcoin in January, there was literally a buying frenzy in the market.
Several indicators reacted immediately to this situation, one of which is the Fear & Greed Index.
Yesterday, the Fear & Greed Index restored historic ATH to level 95 with the designation “Extreme Greed“.
Although this situation expresses a high interest in Bitcoin for traders, it is especially dangerous because the market is overbought, which may mean an impending correction. Overbought is also confirmed by the Relative Strength Index, which is well above the limit on 1D-1M time frames.
Read also: Elon Musk knew why he started promoting Bitcoin, Tesla invested $ 1.50 billion in Bitcoin in January