As Bitcoin bears drag the leading cryptocurrency below $11,000, the overall sentiment on BTC is now in the fear zone, according to a popular index from Alternative.me.
The Fear & Greed index analyzes market volatility, social media and surveys to measure the sentiment among crypto traders.
On Saturday the index registered 59, indicating greed, as Bitcoin traded sideways between $11,381 and $11,440. It currently registers at 45, a sign that investors are worried the price may drop further.
Run by the developers and creators of Strawpoll.com and Thundercheck.org, the index shows that when traders are fearful, a market correction is typically underway. The needle is designed to shift into “extreme fear” when a significant correction has taken…