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The Crypto Fear and Greed Index plummeted to its lowest point in nearly 18 months on June 25 after Bitcoin (BTC) saw its price drop below the psychological $60,000 level for the first time since early May.
The index, which measures market sentiment for BTC and the rest of the crypto market, fell 24 points on June 24. This marked its steepest day-to-day drop in the past couple of years and resulted in the index dropping into the “Fear” zone with a score of 30.
It’s since bounced back a tad and currently stands at 46. A value of 0 shows “Extreme Fear,” while a value of 100 represents “Extreme Greed”
Crypto Fear And Greed Index Drop Coincides With BTC’s Steep Correction
BTC fell to a seven-week low at around $58,400 on June 24. However, it has since recovered slightly to trade at $61,539.02 as of 2:40 a.m. EST.
Despite this uptick, the leading crypto has some ground to make up if it wants to erase its weekly losses. Bitcoin is still down more than 6% over the past 7 days, CoinMarketCap data shows.
Several factors have contributed to the wave of selling pressure that has entered BTC’s charts. Over the past two weeks, spot Bitcoin ETFs (exchange-traded funds) have registered outflows exceeding $1 billion.
Meanwhile, investors are bracing for the potential liquidation of $8.5 billion worth of BTC from the defunct Mt. Gox exchange.
More than a decade after its collapse, the exchange’s rehabilitation trustee announced that repayments in BTC and BCH to Mt. Gox’s 127,000 creditors are scheduled to begin in July.
BTC’s Recent Dip Part Of A Bigger Bullish Play
While investors fear how BTC will react to the impending Mt. Gox selloff, some analysts believe BTC’s recent dip was part of a longer-term bullish macro setup.
“This Bitcoin retrace was all about forming a Macro Higher Low, ” Pseudonymous trader and analyst Rekt Capital said in a Jun. 25 X post.
This Bitcoin retrace was all about forming a Macro Higher Low
And we may have just got one
If things continue like this…
Bitcoin may very well be developing a Macro Bull Flag at these price levels$BTC #Crypto #Bitcoin https://t.co/AAcXPVFMto pic.twitter.com/68cgyoFUex
— Rekt Capital (@rektcapital) June 25, 2024
“Bitcoin may very well be developing a Macro Bull Flag at these price levels,” he added.
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