u.today
Bitcoin has managed to revisit the $50,000 level on the Binance exchange for the first time since Sept. 7, the day El Salvador adopted the largest cryptocurrency as legal tender.
The Crypto Fear and Greed Index, a popular tool for measuring the Bitcoin market sentiment, is now flashing “greed.”
Bitcoin Fear and Greed Index is 59 — Greed
— Bitcoin Fear and Greed Index (@BitcoinFear) October 5, 2021
Current price: $49,482 pic.twitter.com/U1C5j8SIWR
The benchmark crypto peaked at $49,811 on the Bitstamp exchange earlier today, stopping short of reclaiming the psychological price point. However, bulls stepped in to push the Bitcoin price higher following several rejections.
After recovered from the El Salvador sell-off, Bitcoin plunged due to problems in China’s property market affecting the global economy in late September. Within the same week, the largest cryptocurrency was also hit hard after the Chinese government introduced its harshest measures against the cryptocurrency industry yet.
On Sept. 28, the sentiment indicator dipped into the “extreme fear” territory when Bitcoin was teetering on the verge of plunging below the $40,000 support. This, as some expected, market the bottom of the correction.
The largest cryptocurrency is now up 21 percent over the last week, with “Uptober” so far living up to its name.