Interest in Bitcoin decreases as it continues to trade sideways

The fear and greed index remains in the fear zone of 27 despite the two-day rebound after Bitcoin dipped below $40,000.

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According to the Google Trends data, investors’ interest in Bitcoin dropped to the December 2020 level, given the sideways market lasting since January 2022. Google Trends typically reflect the sentiment of retail investors, who usually jump on the market during the bullish surges following the movements of crypto whales. Traders often find it challenging to profit from a sideways market as cryptocurrency moves in a narrow range of support and resistance.

Google Trends graph featuring the interest in Bitcoin over the 5 years time span
Source: Google Trends

The Fear & Greed index analyzes investors’ sentiments and emotions, where a value of 0 means “extreme fear” while the value of 100 represents “extreme greed.” Since the beginning of the sideways trend, the market mostly stayed in the fear zone, briefly entering a moderate greed territory of 60 on March 28 and several neutral values of 50 in February, March, and April.

Crypto Fear & Greed Index historical data over the last three months
Crypto Fear & Greed Index historical data over the last three months. Source: