, signs had already been circulating that an uptick was due, thanks mainly to the time-tested relative strength index breaking a two-month downtrend in late January.
"Probably worth mentioning price is at historic levels of oversold to on-chain demand/supply, and the futures traders have halted their sell-down," statistician Willy WooTurning to sentiment, the sense of caution characterizing the market since November's $69,000 peak remained.According to the Crypto Fear & Greed Index,"fear" was still the overriding emotion among market participants, even after the price jump.
The Index, which uses a basket of factors to produce a nominal sentiment score from 0-100, measured 33 at the time of writing, having spent most of January below 25 — the"extreme fear" zone. Nonetheless, the last time that the Index was so high was almost six weeks ago, just after Christmas.
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