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The crypto Fear and Greed Index crypto/fear-and-greed-index/”>collapsed to its lowest point in almost 18 months on June 25 after bitcoin (btc) saw its price fall below the psychological level of $60,000 for the first time since early May.
The index, which measures market sentiment towards btc and the rest of the cryptocurrency market, fell 24 points on June 24. This marked its steepest daily decline in recent years and resulted in the index falling to the “Fear” level. ”area with a score of 30.
It has since recovered somewhat and currently sits at 46. A value of 0 shows “extreme fear,” while a value of 100 represents “extreme greed.”
<img decoding="async" alt="bitcoin bounces above $62,000, Solana leads cryptocurrencies higher” src=”https://technicalterrence.com/wp-content/uploads/2024/06/Crypto-Fear-and-Greed-Index-Sinks-to-18-Month-Low-After.jpeg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/06/Crypto-Fear-and-Greed-Index-Sinks-to-18-Month-Low-After.jpeg" alt="bitcoin bounces above $62,000, Solana leads cryptocurrencies higher”/>
Drop in crypto Fear and Greed Index Coincides with Steep btc Correction
btc fell to a seven-week low of around $58,400 on June 24. However, since then bitcoin/”>recovered slightly to trade at $61,539.02 at 2:40 am EST.
Despite this rally, the leading cryptocurrency has some ground to make up if it wants to erase its weekly losses. bitcoin is still down more than 6% in the last 7 days, data from CoinMarketCap shows.
Several factors have contributed to the wave of selling pressure that has entered the btc charts. Over the past two weeks, bitcoin spot ETFs (exchange-traded funds) have seen a surge in selling pressure. money outflows exceed one billion dollars.
Meanwhile, investors prepare for the possible liquidation of $8.5 billion in btc from the defunct mount gox exchange.
More than a decade after its collapse, the exchange's rehabilitation administrator announced that repayments in btc and BCH to Mt. Gox's 127,000 creditors are scheduled to begin in July.
btc's recent drop is part of a larger bullish play
While investors fear how btc will react to the impending Mt. Gox liquidation, some analysts believe that btc's recent drop was part of a long-term bullish macro setup.
“This bitcoin pullback was all about the formation of a higher macro low,” pseudonymous trader and analyst Rekt Capital said in a June 25 x post.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.028037383178″>
twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc
This bitcoin pullback had to do with the formation of a macro higher low
And we may only have one
If things continue like this…
bitcoin may very well be developing a macro bull flag at these price levelstwitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin https://t.co/AAcXPVFMto pic.twitter.com/68cgyoFUex
-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1805654232009216270?ref_src=twsrc%5Etfw”>June 25, 2024
“It is very possible that bitcoin is developing a macro bull flag at these price levels,” he added.
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