The Fear and Greed Index – a metric that shows the overall sentiment toward bitcoin – currently points at 66, the highest level since November 2021.
One factor behind the investors’ predominantly bullish perspective could be the impressive price performance of the primary cryptocurrency, which has been up nearly 30% for the past week.
Bitcoin and the altcoins are yet to be put to the test after the US Federal Reserve announces the results of its FOMC meeting on March 22. The institution is likely to raise interest rates by 25 basis points, which has caused considerable price swings for the primary cryptocurrency on previous occasions.