The highly-referenced Bitcoin Fear and Greed Index moved into neutral territory over the weekend following several months of fear.On Jan. 15, the index reached a neutral level of 52, its greatest since April 5, 2022. The relocation follows a 24% gain for Bitcoin (BTC) over the previous seven days.The market sentiment tracker struck a multi-year low of 9 in June 2022. Ever since it has been hovering in between 20 and 30 in the “severe worry” category. Moreover, it registered its longest-ever streak of extreme worry in mid-2022, as reported by Pandoraland.The fear and greed

index uses “movements and sentiments from different sources,”including current volatility, market momentum and volume, social networks and Google trends data.The information from these sources is then utilized to produce a particular number to sum up the emotional landscape concerning BTC and crypto markets. It consists of 5 categories varying from severe worry to extreme greed, the latter not seen considering that October 2021. At the time of writing, the index has dipped back down to 45, which puts it back into the”fear”category, suggesting that confidence has yet to make a complete return.Bitcoin Fear and Greed Index is 45. Neutral Current rate:$20,879 pic.twitter.com/lnj3pd73XL!.?.!— Bitcoin Fear and Greed Index (@BitcoinFear)January 16, 2023 Meanwhile, BTC has actually seen its second-longest streak

of gains in history, with a 12-day run this month. The asset has acquired 28%since the beginning of this year, eliminating all losses in the crash that followed the FTX collapse in early November 2022. The massive momentum has actually created a large motion in technical signs such as the RSI

(relative strength index), which has actually hit its highest level for four years on the daily timeframes.High RSI figures can recommend that a possession is overbought and a correction is due.Highest RSI levels on Daily$BTC chart for 4 years.Each of the prior 3 touches of the 90 level reacted as follows: Touch 1: BTC continued +18%greater before correcting -12% Touch 2: BTC continued +16%higher before correcting -21 %Touch 3: No BTC gain and -31%correction pic.twitter.com/swQSLqATIi!.?.!— Cold Blooded Shillver (@ColdBloodShill )January 15, 2023 Related: Bitcoin fails to convince that bottom is in with$12K’still likely’Several experts have identified the recent move as a bull trap however a solid weekly close has led some to think the momentum will continue.$

BTC Weekly You could not dream up a more bullish weekly candle light
. pic.twitter.com/fv66u76ujV!.?.!— The Wolf Of All Streets(@scottmelker )January 15, 2023 Professional trader and chart guru, Peter Brandt, summed
it up on Jan. 16, tweeting:”Any moron can make wild guesses about markets, so here is my dunce-hat forecast. In reality

, no one has a clue what any given market will do.$BTC .”Bitcoin was trading up 2.2%on the day

at$21,165 at the time of composing, according to CoinGecko.