This happened after the Bitcoin fear and greed index hit a score of 28 as the markets dipped.
Yes, the rejection from $48.5k and later from $47.3k were the primary reasons, but the market sentiment and funding rates on exchnages also played a role.
When the price jumped from $35k a while back, the same index was at greed when BTC touched $40k.
Isn’t more open shorts a negative thing for the market? Well, it might seem so, but it’s mostly the opposite.
So, oftentimes if you see that the funding rates are too high or too low, it might mean a correction or pump is due.
What are your thoughts as the Bitcoin fear and greed index hits fear at 28 points? And do you think it’s a sign that we might move up or there will be more downside? Let us know in the comments below.