Bitcoin Extreme Greed Is Here—Time To Be A Contrarian?
Bitcoin market sentiment has entered extreme greed territory, with the Fear & Greed Index currently at 78, following a price surge above $111,000. The index ranges from 0-100, with values above 53 indicating greed and below 47 indicating fear. Historically, extreme sentiment levels correlate with market tops and bottoms, suggesting that an overly bullish atmosphere may signal potential market corrections. Traders often use contrarian investing strategies to time their trades based on these sentiments. Additionally, significant withdrawals from Binance have been noted, with net outflows of 2,190 BTC (approximately $237 million), indicating demand for holding Bitcoin in self-custodial wallets. Bitcoin's price is approximately $108,400, reflecting a 4% increase over the past week.
