Bitcoin sentiment tops 89 for first time since March 2024

CryptoQuant analyst Darkfost reported that Bitcoin’s market sentiment index briefly rose above 89, entering the “extreme greed” range. This was the highest reading since March 2024, but the level has since cooled as Bitcoin attempts to hold its price.

Current price context

CoinGecko listed Bitcoin near $77,300, with a 24‑hour range of roughly $76,400 to $79,600. The price remains below the recent $80,000 test and below the upper Bollinger Band identified in earlier technical analysis.

ETF flow contrast

During the Sep. 8–11 trading week, U.S. spot Bitcoin ETFs recorded a net outflow of $462.7 million, reversing the inflows seen in the prior week. The largest single‑day withdrawal was $282.7 million on Thursday.

Comparison with other sentiment measures

Alternative.me’s Fear & Greed Index showed a reading of 63 (“greed”) at the time of reporting, differing from Darkfost’s composite measure that incorporates additional inputs.

Market outlook notes

Darkfost cautioned that extreme sentiment readings can appear around market turning points but do not by themselves indicate a reversal. He also noted that sentiment behavior differs in a sustained bear market versus a price‑change phase.

Macro backdrop

U.S. inflation data released on Sep. 11 showed a 3.4% year‑over‑year increase, matching July’s rate. The Federal Reserve’s next policy meeting is scheduled for Sep. 15–16, adding further uncertainty to Bitcoin’s short‑term trajectory.