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The Crypto Fear & Greed Index has plunged to "extreme fear," marking its lowest level since January 2023, as Bitcoin failed to sustain $60,000 for the second time.
Bitcoin's Price Falls Short of $60,000 Again
An indication that follows market sentiment on cryptocurrency and Bitcoin, the Crypto Fear & Greed Index, has hit "extreme fear," its lowest point since January 2023.
According to Cointelegraph, the score dropped because Bitcoin's price fell short of the $60,000 barrier for the second time in as many days.
Justin Bennett, a crypto and FX trader with 111,000 followers on X, posted on July 11 that Bitcoin's price level has rejected $60,000 "yet again." He also mentioned the creation of a potential "rising wedge," which indicates further downside in the coming days.
Bitcoin's Price Volatility Sparks Investor Anxiety
In the twelve hours after July 10, Bitcoin surged to $59,485 before crashing back down to $57,000. For a short while, on July 11, Bitcoin price surged to $59,529 but was unable to maintain that level.
According to TradingView data, the price of Bitcoin is currently $57,499, which is 23% lower than its all-time high set on March 14.
A recent downturn in mood has been associated with reports that Mt. Gox has begun repaying its creditors as of July 5, which might lead to the release of as much as $8.5 billion worth of Bitcoin onto the market.
Influence of Large Bitcoin Sales on Market Dynamics
The German government has been selling a lot of Bitcoin recently. According to Arkham intelligence data, they sent 16,254 BTC to market makers and exchanges, which is worth $935 million at current levels. This has contributed to Bitcoin's downward price action.
Ten percent is devoted to Bitcoin's dominance, twenty-five percent to trading volume, and ten percent to trends in the cryptocurrency industry. Market surveys were also included in the index formerly, but they are no longer used.
Since reaching a score of 90 "extreme greed" on March 5, when Bitcoin's price eclipsed its previous all-time high of $69,000, established in November 2021, the index score has been steadily declining.
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