Crypto Fear & Greed Index hits 70 as Bitcoin nears its ATH again – What next?

Key Points

1. The Crypto Fear & Greed Index peaked at 70, signaling strong market confidence, though it later eased to 62, remaining in the 'Greed' zone.

2. Bitcoin (BTC) surged by 3.33% to $121,706, and Ethereum (ETH) climbed by 2.02% to $4,271 over the past 24 hours, contributing to a 2.38% increase in the global crypto market cap to $4.05 trillion.

3. Historical trends suggest that high greed levels, like the index's recent peak at 78, often precede price pullbacks or sideways trading.

4. Bitcoin's dominance stands at 60.80%, indicating a 'flight to liquid cryptocurrency' and setting the tone for the broader market.

5. Ethereum and Bitcoin's Relative Strength Index (RSI) showed signs of decline after peaking in the overbought zone, hinting at a possible near-term market pullback.