"Bitcoin price hovered above $87,000 today as market sentiment and the Crypto Fear and Greed Index plunged to 11 out of 100, a level signaling extreme fear among investors. At the time of writing, the bitcoin price is trading at $87,696, up roughly 2% over the past 24 hours, according to market data. Despite the modest rebound, BTC remains trapped in a choppy consolidation range, sitting just 0.2% below its seven-day high of $87,918 and 2% above its weekly low near $85,575."
"The Fear and Greed Index-a composite indicator that incorporates volatility, volume, social media trends, and momentum-has fallen deep into its lowest category, historically associated with panic-driven selling and heightened emotional decision-making. Extreme fear hits crypto markets A reading of 11 places the market firmly in "extreme fear," a zone typically marked by heightened downside anxiety and risk aversion. Historically, such conditions have often coincided with local bottoms, though timing remains uncertain."
Bitcoin traded near $87,696, up about 2% over 24 hours, remaining 0.2% below its seven-day high of $87,918 and 2% above its weekly low near $85,575. The price collapsed from near $90,000 to the mid-$85,000s the previous day, while 24-hour trading volume totaled roughly $51 billion. Total market capitalization reached about $1.75 trillion, a 2% increase over the prior 24 hours. Market sentiment turned decisively bearish as the Crypto Fear and Greed Index fell to 11 out of 100, registering extreme fear. Readings at this level often coincide with local bottoms, though timing is uncertain. Thin liquidity amplified recent downside moves and heightened volatility.
Read at Bitcoin Magazine
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