The Fear and Greed Index – is a metric that is used to show the overall market sentiment towards bitcoin, it currently points at 66 at the time of this writing, which is the highest level it has reached since November 2021.

The impressive price performance of the cryptocurrency in the past week could be a major factor behind investors’ predominantly bullish perspective, as BTC rallied by nearly 30% for the past week.

Bitcoin and other cryptocurrencies have in recent times, shown remarkable resilience to the issues that have ravaged the global economy in several months. The primary cryptocurrency recently tapped $28,500, as its price increased by almost 30% in one week.
The popular Bitcoin Fear and Greed Index seem to be affected by the rally– a metric that tracks various segments, including price volatility, surveys, and, social media comments, to determine investor sentiment towards BTC momentarily.

It currently points at 66, sitting in the “Greed” territory. The last time the index reached that point was in mid-November 2021, shortly after bitcoin hits its all-time high price of $64,800.
The bullish stance on Bitcoin is in line with the view of some crypto proponents that the bear market is potentially over. They believe that the asset class is likely to continue its impressive performance in light of a potential banking crisis.

Bitcoin and the altcoins will be put to the test after the results of the US Federal Reserve FOMC meeting will be announced on March 22. The interest rates will most likely be raised by the institution by 25 basis points, which has caused notable price swings for the primary cryptocurrency in the past.

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