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Home BREAKING NEWS

Bitcoin Sentiment Plummets to “Extreme Fear” Amid Market Struggles

by Matoy
July 12, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 3 mins read
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  • Indicator shows market sentiment towards Bitcoin has hit ‘extreme fear.’
  • Recent attempts to break the $60,000 threshold have failed, leading to increased market pessimism.
  • Large-scale Bitcoin disbursements by Mt. Gox and the German government are impacting market prices.

The sentiment in the cryptocurrency market has dramatically shifted, with the Crypto Fear & Greed Index reaching levels of “extreme fear” not seen since January 2023. This stark downturn in market sentiment corresponds with Bitcoin’s inability to climb past the $60,000 price point despite multiple attempts.

Recent trading activity has seen Bitcoin nearing $60,000, only to be pushed back down, signaling potential further declines. The index, a widely regarded measure of market sentiment, has plummeted as investors show heightened anxiety over the cryptocurrency’s short-term prospects.

Market Sentiment and Bitcoin’s Valuation

This change in sentiment is notably influenced by several external factors. Notably, the commencement of repayments to creditors by the defunct exchange Mt. Gox has introduced a significant amount of Bitcoin back into the market. This event alone could potentially flood the market with up to $8.5 billion worth of Bitcoin, exerting downward pressure on its price.

Additionally, recent activities by the German government, which has moved a substantial amount of Bitcoin—equivalent to approximately $935 million—to various market makers and exchanges, have also contributed to the price pressures. Such large-scale transactions are closely watched by traders for their potential to sway market dynamics.

Analyzing the Downtrend

From a technical standpoint, the repeated rejections at the $60,000 level suggest underlying weaknesses in market strength. Prominent crypto trader Justin Bennett pointed out the formation of a rising wedge pattern, traditionally seen as a precursor to further declines, indicating that lower prices may be forthcoming.

The Fear & Greed Index, which integrates factors like market volatility, trading volume, and Bitcoin’s dominance, reflects a broad-based apprehension among investors. This sentiment analysis tool has shown a stark contrast from earlier in the year when it reached ‘extreme greed’ levels as Bitcoin prices soared to new highs.

The combination of significant Bitcoin releases into the market and technical resistance at key price levels has led to a precarious market sentiment, with the Crypto Fear & Greed Index serving as a barometer for the prevailing investor nervousness. The coming weeks will be crucial in determining if Bitcoin can stabilize or if it will succumb to the pressures evidenced by recent market activity.

Tags: Bitcoin
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