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Bitcoin Traders Sink Into 'Fear' As Price Crashes Below $58,000
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Traders Sink Into ‘Fear’ As Price Crashes Below $58,000

Keshav Verma
Keshav Verma
11 months ago
3 mins read
Bitcoin

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Data shows that Bitcoin traders’ sentiment has declined into ‘fear’ after the price crash the cryptocurrency has seen during the past 24 hours.

Bitcoin Fear & Greed Index Is Now Suggesting A Fearful Market

The “Fear & Greed Index” is an indicator created by Alternative that tells us about the average sentiment currently held by traders in the Bitcoin and wider cryptocurrency market.

The index uses a scale from zero to a hundred to represent the sentiment. The score is calculated based on five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends.

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All values of the indicator above 53 signify the presence of greed among the investors, while those below 47 imply fear in the market. The region between these two cutoffs naturally corresponds to a neutral mentality.

Now, here is what the Bitcoin Fear & Greed Index looks like currently:

Bitcoin Fear
The index appears to have a value of 44 | Source: Alternative

As is visible above, the Bitcoin Fear & Greed Index has a value of 44, suggesting that the sentiment is just inside the fear territory. This is a change from what it has been like during the last few days.

The chart below shows how the indicator’s value fluctuated over the past year.

Bitcoin Fear & Greed Index
Looks like the value of the index has observed a sharp plunge recently | Source: Alternative

The graph shows that the Bitcoin Fear & Greed Index had been in neutral territory during the first three days of this month, but today, on the fourth, the sentiment has plunged.

The reason behind this worsening mentality is the crash that the cryptocurrency’s price has witnessed during the past day, which has taken its price under the $58,000 level.

It’s also visible in the chart that the neutral sentiment in the first three days of July showed a sharp improvement over how June had ended. The metric had hit a low of 30 on two occasions to end the month as a culmination of the bearish momentum BTC had been facing.

As the bearish winds seem to be picking back up for the asset now, the recovery in the sentiment may be lost soon. This may not entirely be, however, bad news for the coin.

The Bitcoin price has historically tended to move against the crowd’s expectations. The chances of such a contrary move to take place grow the larger this expectation becomes. That is the more the Fear & Greed Index points in any direction.

Major tops and bottoms have generally occurred when the asset has been inside the extreme greed and fear regions, respectively. Extreme greed is the territory where the index attains values higher than 75. Similarly, extreme fear occurs under 25.

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Why Did Bitcoin Plunge Under $58,000? On-Chain Data Says This

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If the indicator’s value continues to decline from here, it falls into the extreme fear it could be to watch for, as they may also lead towards a potential bottom for Bitcoin this time.

BTC Price

At the time of writing, Bitcoin is trading at around $57,900, down almost 6% in the past seven days.

Bitcoin Price Chart
The price of the asset appears to have been sliding down over the last few days | Source: BTCUSD on TradingView
Featured image from Dall-E, Alternative.me, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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