Cryptocurrency market reaches the greedy zone at levels not seen since July

The cryptocurrency market has been sprouting with greed lately according to the Crypto Fear & Greed Index, which is at its highest since July. Gone are just days of fear in the crypto market. Its .Since Bitcoin breaks past $68,000, market sentiment has entirely shifted with great questions regarding what's next in the cycle of this market.

Cryptocurrency Market Reaches Unseen Levels of Greed Since July

In keeping with the rollercoaster ride that the cryptocurrency market has been on lately, what traders are feeling now isn't fear but bordering on adrenaline-fueled greed. According to the Crypto Fear & Greed Index, the overall market sentiment is now overwhelmingly positive and has hit a greed level of 73, the highest since July.

Just a few days ago, on October 11, the index was at its low at 32, marking a state of extreme fear. Such an extreme 128% surge in just three days reveals a total market sentiment flip: it is nearing the level of extreme greed. The drastic changes are reflected in the price movements of the market, especially with Bitcoin.

Bitcoin Beyond $68,000

In the context of this increasing greed, Bitcoin finally rose more than 7.5% to blow over the $68,000 threshold. Beyond that, Bitcoin finally broke through a very significant dynamic resistance level it had been unable to break since the last six months.

This momentum surge in Bitcoin has come amidst both bullish and bearish news related to regulatory developments as well as changed political dynamics within the U.S. prior to the November elections. That's pushing Bitcoin to price levels that haven't been seen since late July, which should be feeding into this nascent market greed.

What's Next for the Market?

This may be the rise in greed, which might be the change in the cycle of the market. Normally, growth is in fear, and the rise in greed is a situation that portrays a before-the-fall scenario. Still, anything related to the behavior of the market of cryptocurrency is not predictable. As Bitcoin, all digital assets continue to go volatile, the traders ask whether this rise in greed will finally take the market towards another rally or correction.

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