On May 23, Bitcoin (בטק) formed its eighth straight red weekly candle for the first time in the flagship digital assets history.
The current situation in the קריפּטאָקוררענסי מאַרק remains bearish, and as things stand, Bitcoin looks to be forming its ninth straight red candle as a result, according to data from TradingView.
Currently, Bitcoin is trading at $29,775, up 1.54% in the last 24 hours and down 0.13% across the previous week with a total market capitalization of $566 billion.
Crypto Fear and Greed Index remains low
Meanwhile, the Crypto Fear and Greed Index (CFGI) has fallen to its lowest since the index’s inception nearly two years ago. This well-known technical index investigates a variety of metrics, including market dominance, volatility, volume, social media, and surveys, to determine the feelings and sentiments held by market participants.
The total of each value is summed together, and the resulting number is assigned a value between 0 and 100, with 0 representing “extreme fear” and 100 representing “extreme greed.” The CFGI rating recently reached 8 and on May 25 that number is only marginally better at 11, which is similar to the market attitude that was seen close to the time when the COVID-19 crash occurred in March of 2020.
Source: https://finbold.com/bitcoin-is-forming-its-9th-straight-weekly-red-candle-is-a-reversal-imminent/