Bitcoin (BTC) bulls have a reason to celebrate as a classic indicator is emerging from the longest hyper-bearish phase in its history.

According to data last updated on April 27, the Crypto Fear & Greed Index has exited its lowest possible reading — "extreme fright" — afterwards vii weeks.

Who'south afraid of the large bad carry?

A tape since the indicator began in 2022, the event underscores the touch on that coronavirus fears accept had on cryptocurrency markets.

The Fear & Greed index is a number from 1 to 100 which analysts class from a basket of factors including volatility, market place volume and social media activity.

The higher towards 100 the reading is, the more than wary investors should be, every bit it implies markets are overenthusiastic and are likely to catch up with themselves.

"With our Fright and Greed Alphabetize, we endeavour to save y'all from your ain emotional overreactions," the tool's creators summarize on its official website.

At press time on Mon, the Index measured 28, regarded as "fear," up from 21 the twenty-four hours before. Insufficiently, the corresponding metric for traditional markets and stocks is currently at 40, also "fear."

Crypto Fear & Greed Index

Crypto Fear & Greed Index. Source: Alternative.me

Bitcoin'south inbuilt damage command

Fright & Greed forms just i of the positive signs greeting Bitcoin investors this calendar week.

Equally Cointelegraph reported, strong technical fundamentals have also returned, complementing a price surge of 10% which took many by surprise late last week.

As such, Bitcoin has succeeded in reversing the negative consequences of coronavirus, different fiat without requiring any external intervention.

Attention now focuses on the upcoming block reward halving, arguably the most eagerly-awaited in Bitcoin's history.