Bitcoin Sentiment Hits 89, Highest Since March 2024

Bitcoin sentiment hit 89 on a scale of 100. This is the highest reading since March 2024. The metric entered the extreme greed range during a recent price rally. The value has since declined as the asset attempts to stabilize. Darkfost, a CryptoQuant analyst, identified this peak as a potential turning point. He noted that extreme readings often appear around market shifts.

The current sentiment reading cools from its peak. This happens while Bitcoin trades near $77,300. The 24-hour range spanned from $76,400 to $79,600. The price sits below the recent high of $80,000. This position reflects a pullback from the highs seen earlier in the week. The market is testing support levels around $78,000.

ETF flows show capital exit

U.S. spot Bitcoin ETFs recorded net outflows of $462.7 million. This occurred during the trading week of September 8 to 11. This outflow contrasts with the high sentiment readings. It indicates that institutional investors may be taking profits. The divergence between sentiment and fund flows highlights mixed market signals. Investors should monitor these flows for further direction.

Alternative indices show lower greed

Alternative.me’s Fear and Greed Index stands at 63. This is classified as greed, not extreme greed. The index was 56 the previous day and 73 a week earlier. It was 29 one month ago. This separate metric provides a different snapshot of market mood. It does not align directly with Darkfost’s higher reading. Both metrics use different data inputs and methodologies.

Price levels face technical resistance

Bitcoin traded below its recent test of $80,000. Analysts previously identified a cap near $82,000. Support was seen around $78,000 to $79,000. The price has since fallen below the lower end of this support range. This suggests that the support level has been tested. The current price action indicates a need for stabilization. The source GN markets/crypto (en-US) tracks these developments closely.