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Data shows that Bitcoin investor sentiment has cooled to the lowest level since February, something that could facilitate a rebound in the price.

The “Fear & Greed Index” is an indicator that tells us about the general sentiment among investors in the Bitcoin and broader cryptocurrency sector. This metric uses a numeric scale from zero to hundred to represent the sentiment and considers factors like volatility, trading volume, social media sentiment, market cap dominance, and Google Trends.

Currently, the Bitcoin Fear & Greed Index sits at 71, indicating a majority sentiment of greed among investors. This is a significant drop from the previous day’s value, signaling a cooling off of sentiment.

Extreme sentiments, such as extreme greed and extreme fear, occur at values above 75 and under 25, respectively. The recent drop in the Fear & Greed Index from extreme greed territory suggests a possible bottom forming in the market.

Historically, Bitcoin price tends to move against majority expectations, and extreme sentiment levels often precede reversals in the asset. The current level of the Fear & Greed Index is the lowest since February, indicating a shift in investor sentiment.

As the Bitcoin price hovers around $65,800 after a recent 7% drawdown, the cooling investor sentiment could pave the way for a potential rebound in the price. Stay tuned for more updates on how this shift in sentiment may impact the market.

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