The Fear and Greed Index has surged to its highest level since February 2021 as Bitcoin (BTC) approaches an all-time high (ATH). The index currently stands at 90, indicating an extreme level of greed in the cryptocurrency market.

When the Fear and Greed Index reaches a level of 75-100, it signifies that traders are highly motivated to buy more, leading to increased price movements. This surge in greed is a result of Bitcoin’s bullish trend and the market’s recovery.

Market sentiment has notably improved since last fall, with the Fear and Greed Index remaining below 70 for several years. The recent surge in the index reflects the growing optimism and bullish outlook among traders.

At the time of writing, Bitcoin is trading at $66,700, with a 2.4% increase in the past 24 hours and a 17.7% rise in the last 7 days, according to CoinMarketCap. Bitcoin’s market capitalization has exceeded $1.3 trillion, with prices nearing the all-time high of $68,600 recorded in November 2021.

Despite the positive price movement, the cryptocurrency market has witnessed over $560 million in liquidations on futures contracts. Bitcoin, Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB) trading pairs have experienced the highest liquidation volumes, primarily on exchanges like Binance and OKX.

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