Bitcoin fell more than 8% from its October high and the market never turned fearful. Get 70% OFF on your next 3 trades with BTCSHARE70, until 19 October.

Bitcoin fell 8% this month and the market never turned fearful

Bitcoin reached nearly $87,000 in the first week of October and has spent the fortnight since giving it back. It dropped 4% in a single day on 9 October to land just above $80,000, slipped under that mark again on the 15th to close at $80,764, and trades near $82,000 today. That is more than 8% off the high, two losing weeks in a row, and roughly 2% down across the month so far.

A fall of that size normally takes the mood with it. The Crypto Fear and Greed Index measures how confident the market feels on a scale running from 0, where everyone is frightened, to 100, where everyone is sure of themselves. It is the number people check when they want to know whether the market is buying or hiding.

It did not follow the price. On 9 October, the day Bitcoin lost 4% in twenty-four hours, the index read 59, which is greed. Through the entire fall it has sat in greed on 44 of the last 45 days. The single exception came on 15 October, when it dipped to 53 and spent one day in neutral before returning to 63 the following morning, where it sits now.

Price and confidence usually travel together, and for the past two weeks they have gone separate ways. Two readings of the same market disagreeing is unusual enough to be worth noticing, and what it amounts to is a question each person answers differently.

Until 19 October, BTCSHARE70 takes 70% OFF the Paybis service fee on your next 3 trades, on any coin we list. Full price is shown before you confirm, there are 90+ assets available, and support is staffed by real people at any hour.