The Crypto Fear & Greed Index peaked at 74 on September 4th, its highest level since Bitcoin topped near $126k last October. Bitcoin briefly surpassed the $82,200 mark before pulling back toward $78,000, with the index now declining to 69. Rate hike expectations have risen to 60% and the US 10-year Treasury yield remains around 4.8%, creating a challenging macro backdrop for risk assets. According to Coinglass data, since the October top, the index has never entered « Extreme Greed » territory, suggesting the current sentiment reversal could be an early warning signal of a local top for Bitcoin. If this scenario plays out, Bitcoin’s September rally may turn out to be a risky affair.
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