Bitcoin: ‘Buy the dip’ frenzy sweeps market following BTC’s crash

While the Fear and Greed Index suggested an accumulation phase, on-chain data showed that BTC risks a further fall.slipped below $60,000. However, the coin was not the only one that dropped as it dragged almost every other cryptocurrency with it, including

Santiment, the on-chain analytic platform, showed evidence of this. Using its social volume metric, AMBCrypto noticed that the “buy the dip” mentions have spread like wild fire.However, it is not every time that calls like this yield result. Specifically, a bounce occurs when a large part of the crypto market doubt that prices will increase.

To have an idea if the broader market is skeptical or confident, we examined the crypto fear and greed index. The Fear and Greed Index for Bitcoin and other cryptocurrencies measures the emotional behavior and sentiment of participants.and prices and hitting new red numbers. However, greed appears when prices are rising in incredible figures and people do not want to miss out on the opportunity.

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