Bitcoin (BTC) bulls have a reason to celebrate as a classic indicator is emerging from the longest hyper-bearish phase in its history.

According to data last updated on April 27, the Crypto Fear & Greed Index has exited its lowest possible reading — “extreme fear” — after seven weeks.

Who’s afraid of the big bad bear?

A record since the indicator began in 2018, the event underscores the impact that coronavirus fears have had on cryptocurrency markets.

The Fear & Greed index is a number from 1 to 100 which analysts form from a basket of factors including volatility, market volume and social media activity.

The higher towards 100 the reading is, the more wary investors should be, as it implies markets are overenthusiastic and are likely to catch up with themselves.

“With our Fear and Greed Index, we try to save you from your own emotional overreactions,” the tool’s creators summarize on its official website.

At press time on Monday, the Index measured 28, regarded as “fear,” up from 21 the day before. Comparatively, the corresponding metric for traditional markets and stocks is currently at 40, also “fear.”

Crypto Fear & Greed Index. Source: Alternative.me

Bitcoin’s inbuilt damage control

Fear & Greed forms just one of the positive signs greeting Bitcoin investors this week.

As Cointelegraph reported, strong technical fundamentals have also returned, complementing a price surge of 10% which took many by surprise late last week.

As such, Bitcoin has succeeded in reversing the negative consequences of coronavirus, unlike fiat without requiring any external intervention.

Attention now focuses on the upcoming block reward halving, arguably the most eagerly-awaited in Bitcoin’s history.