Greed

Bitcoin

Arkham

when

The Crypto Fear &amp; Greed Index — an indicator that tracks market sentiment toward Bitcoin and crypto — has fallen to “extreme fear,” its lowest level since January 2023.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/47311b9c-e300-4b87-9690-e1f8f63b9131.png" alt="Bitcoin index falls to ‘extreme fear’ as BTC fails twice to breach $60K" title="">
 <figcaption style="text-align: center;">
 The Crypto Fear &amp; Greed Index has fallen to “extreme fear” for the first time in 18 months. Source: Alternative.me
 </figcaption>
</figure>
The tumbling score came as the price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) failed to break above the $60,000 mark for the second time in the last 48 hours. 
In a July 11 <a href="https://x.com/JustinBennettFX/status/1811426270527586496" target="_blank" rel="noopener nofollow">post</a>&nbsp;on X, crypto and forex trader Justin Bennett told his 111,000 followers that Bitcoin’s price level had rejected $60,000 “yet again,” noting the formation of a potential “rising wedge,” which suggests further downside in the coming days.
Bitcoin rallied as high as $59,485 on July 10 before tumbling back down to $57,000 in the following 12 hours. On July 11, BTC briefly rallied to $59,529 again but failed to hold at that level. 
Bitcoin is changing hands for $57,499 at the time of writing, down 23% from its all-time high notched on March 14, <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="noopener nofollow">according</a> to TradingView data. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/c7abd246-31b0-4a70-8403-0c80d2e82546.png" alt="Bitcoin index falls to ‘extreme fear’ as BTC fails twice to breach $60K" title="">
 <figcaption style="text-align: center;">
 Bitcoin has rejected the $60,000 level twice in the last 48 hours. Source: TradingView
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="why-has-the-price-of-bitcoin-stayed-down">Why has the price of Bitcoin stayed down?</h2>
<a href="https://cointelegraph.com/news/bitcoin-derivatives-turn-bearish-as-traders-anticipate-sub-60k-btc-price">Recent negative sentiment</a><a href="https://cointelegraph.com/news/bitcoin-derivatives-turn-bearish-as-traders-anticipate-sub-60k-btc-price"></a> has been linked to <a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments">news that Mt. Gox</a>&nbsp;has started paying <a href="https://cointelegraph.com/news/mt-gox-repayments-bitcoin-bitcoin-cash#:~:text=on%20social%20networks-,Mt.,exchanges%20per%20its%20rehabilitation%20plan.">back its creditors</a>&nbsp;since July 5, potentially unleashing up to $8.5 billion worth of Bitcoin onto the market. 
Additionally, much of Bitcoin’s downward price action <a href="https://cointelegraph.com/news/germany-btc-sell-arkham-wallet">has been linked to large sales</a> from the German Government, which has transferred 16,254 BTC — worth $935 million at current prices — to market makers and exchanges in recent days, <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener nofollow">according</a> to Arkham intelligence data. 
Related: <a href="https://cointelegraph.com/news/bitcoin-price-cpi-gains-last-1-hour-mt-gox-sell-off-fears">Bitcoin price CPI gains last just 1 hour as Mt. Gox sell-off fears linger</a>
The <a href="https://cointelegraph.com/explained/what-is-the-crypto-fear-and-greed-index">Crypto Fear &amp; Greed Index</a> factors in market volatility (25%), trading volume (25%), Bitcoin’s dominance (10%) and trends (10%). The index also previously accounted for market surveys at a weight of 15%, but that metric has been paused.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/4d087ab5-9468-486d-990e-e779c5821ee0.png" alt="Bitcoin index falls to ‘extreme fear’ as BTC fails twice to breach $60K" title="">
 <figcaption style="text-align: center;">
 The last time the index traded in “extreme fear” was on Jan. 9, 2023. Source: Alternative.me
 </figcaption>
</figure>
Bitcoin’s index score has been on a consistent downtrend since it notched a score of 90 “extreme greed” on March 5, when Bitcoin <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k">surpassed its previous all-time high</a> price of $69,000 set back in November 2021.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto exposes sudden rift among Democrats months ahead of election</a>

Bitcoin index falls to ‘extreme fear’ as BTC fails twice to breach $60K

Table of Contents

Cointelegraph

Other articles published on Jul 12, 2024

Crypto Regulations in Peru 2024

Germany Has Only 12% Of Its Seized Bitcoin Holdings To Offload After Weeks Of Selling

BlackRock Partners with MakerDAO for Treasuries

Bipartisan US senators renew push to ban stock trading for Congress

Why Only XRP Price Surge Amid Crypto Market Decline?

No enforcement against Binance USD [BUSD]: SEC’s decision, unpacked

Join our free newsletter for daily crypto updates!