• Bitcoin was down by more than 2.5% in the last seven days. 
• Metrics suggested that selling pressure on BTC was high. 

Bitcoin [BTC] failed to register gains over the last few weeks as its value continued to drop. The price of the king coin, after touching $48,000 on the 11th of January, fell under the $42,000 mark at press time.

This price drop caused a major change in one of BTC’s key metrics.

Further price drop incoming?

Last week was not the best for Bitcoin, as its value plummeted by more than 2.5% in seven days. According to CoinMarketCap, at the time of writing, BTC was trading at $41,595.04 with a market capitalization of over $815 billion.

BTC’s trading volume also dropped, reflecting less interest from investors while trading the coin. Meanwhile, Bitcoin’s Fear and Greed Index turned natural, as it had a value of 52.

Bitcoin Fear and Greed Index is 52. Neutral
Current price: $41,713 pic.twitter.com/j8Wmxl3uH1

— Bitcoin Fear and Greed Index (@BitcoinFear) January 20, 2024

The Fear and Greed Index is a tool for gauging the general mood of the cryptocurrency market, using social signals and market patterns. Whenever the index reaches the greed zone, it suggests a price correction.

On the other hand, when the metric moves into the fear zone, it indicates that the possibility of a price uptick is high. Therefore, the above index shows that 
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Author: Dipayan Mitra

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