Data shows that Bitcoin holders remain hesitant recently as market sentiment has remained neutral for more than three weeks.

Bitcoin Fear and Greed Index Continues to Point to Neutral Sentiment

The Fear and Greed Index is an indicator that tells us the overall sentiment of investors in Bitcoin and the broader cryptocurrency market. The indicator finds this sentiment after taking into account factors such as volatility, trading volume, social media analysis, market capitalization dominance, and Google Trends.

The indicator represents this sentiment using a numerical range from zero to 100. All values ​​below 46 on the index mean that there is fear in the market, while readings above 54 indicate that the majority sentiment is greed.

The middle area (values ​​between 46 and 54) indicates that traders are in a neutral mindset. In addition to these three main emotions, there are two special emotions, "Extreme Fear" and "Extreme Greed". Both of these emotions have been very important for Bitcoin historically.

The former occurs at prices below 25, and the asset’s major bottoms usually form within this area. Likewise, tops occur when the market holds the latter sentiment, corresponding to index values ​​above 75.

However, today's index value is nothing new in the current market, as the indicator has been stuck in this narrow range for some time. The chart below shows how the values ​​of the Fear and Greed Index have changed over the past year.

The chart shows that the Bitcoin Fear and Greed Index has been trading sideways in neutral territory for more than three weeks, but this is not common.

The unusually long stay in this region shows how indecisive investors are. Perhaps because of this neutrality, the price of Bitcoin has been stuck in a narrow range for quite some time.

It remains to be seen whether investors can finally choose a stance in the coming days, leading to some less stale price action, or whether they will continue to be indecisive and market boredom will continue for a while.

Bitcoin Price

As of this writing, Bitcoin is trading around $29,100, having fallen 2% over the last week.