Bitcoin Fear & Greed Index at 53 - The Current Market Status

It can be very frustrating to check your holdings in the morning and see an incredible rise in value, only to return later and notice a decline. When you check to see why, you only find out that Bitcoin is in a free slide, which is very annoying. The price of bitcoin has been fluctuating between staying below $29,500 and rising beyond $30,000. When the price of bitcoin reached $33,000, we expected it to reach $50,000 or higher since we believed the bear market was ending and the bull market was gradually taking over.

We saw XRP win the legal battle against the SEC last month, and it gave us some encouragement that we are headed in the right direction. For a brief period, the cryptocurrency market had a small pump, and I was very happy about it. Most of these crypto currencies are paired to bitcoin because we have the idea that maybe Bitcoin will dominate fiat, but even though this might be possible, I believe it will take a very long time before we ever see bitcoin or crypto get to such level. Bitcoin dominance is so strong that it's almost impossible to not have a huge dump and it won't have a major effect in the crypto space.

The bitcoin Fear & Greed Index is currently at 53 (greed), which is a very neutral level.

We haven't heard any negative news about bitcoin which has dump value relative to 2022 in a while. I'm not wishing for any specific news, just pointing out how hard the cryptocurrency market has been working to stabilize itself in the wake of all the disastrous crypto news stories from the previous year.

I'll accept that STEEM has done well in maintaining its pricing, but I can't wait for it to rise back above the $1 mark. It has been overlooked for so long. I'm not sure when the bull run will return at this time, but my only advice is to keep grinding because many individuals have profited greatly during this bear run by participating in airdrops and trading the decline.