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Bitcoin has generally maintained an upward movement this quarter and remains promising to key players. However, there is still room for pushback in the near term. This is according to recent data shared by Glassnode.

Glassnode, the leading on-chain data platform, took to Twitter to reveal where the Bitcoin market might be heading in the coming weeks. Per the Bitcoin Fear and Greed index, Bitcoin is already in greed territory.

“We have recently added the Bitcoin Fear and Greed Index, which is now firmly within Greed territory.” Glassnode wrote. 

The Bitcoin Fear and Greed Index has a scale from 0 to 100. The scale was designed to categorize Bitcoin’s sentiment among market players, from extreme fear to greed. Amongst traders, the index is used as a pointer to help traders spot a perfect entry or exit point.

The Index relies on metrics such as Bitcoin’s trading volume, collective sentiments shared across social media and social media search patterns, the current volatility levels, and Bitcoin’s fluctuations in response to determining the market’s position on the asset.

When the scale reads 0, it signals extreme fear in the market. For traders, this might present a great entry point for buying low. On the other hand, the scale moving towards the extreme greed area signifies that sentiments among Bitcoin traders are largely positive. This typically happens after Bitcoin’s bulls have built momentum over some time.

With Glassnode reporting that Bitcoin is currently within greed territory, the market might imitate different patterns from previous times. 

“Will this rally push BTC into Extreme Greed like in 2019 and 2021? Or be overwhelmed by resistance like March 2020 or the 2022 deleveraging?” Glassnode quizzed.

As Glassnode noted, back in 2019 and 2021, the Bitcoin market index signalled extreme greed in the market following a long-term price rally.

However, in 2020, the market recorded significant resistance in the first quarter. The market might also imitate the patterns spotted in 2022, particularly with deleveraging, as crypto firms reduce their financial leverage by increasing capital.

At the time of this report, Bitcoin is up 0.27% in the last hour, although its 24-hours gains are up over 2%. The apex cryptocurrency hit a high of $28,433 on the 4th of April before returning to its press time price of $27,927. 

According to previous reports, key figures in the crypto market believe that Bitcoin is timed to tap $30,000 and go even higher in the long term. 

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