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The Bitcoin Fear and Greed Index declines further, reaching the 25 mark which represents “extreme fear.” In the last 48 hours, data shows that BTC has struggled to breach the $60k price mark twice.&nbsp;&nbsp;
Also Read: <a href="https://www.cryptopolitan.com/the-bitcoin-fear-and-greed-index-plunge/" rel="noopener noreferrer nofollow">The Bitcoin Fear and Greed Index plunges to its lowest since early 2023</a>&nbsp;
According to data on TradingView, Bitcoin’s price went as high as $59,485 on July 11 but declined to $57,000 over the next 12 hours. On July 12th, the price briefly hit $59,529 but yet again failed to breach the $60k mark.&nbsp;
<h3 id="span-style-font-weight-400-bitcoin-fails-to-hit-60-000-twice-span">Bitcoin fails to hit $60,000 twice&nbsp;</h3>
The Crypto Fear and Greed Index indicated an extreme fear level after BTC failed to hit the $60,000 mark. TradingView data showed that Bitcoin is trading at $57,499, a decrease of about 23% from its highest price on March 14, 2024.&nbsp;
Alternative.me also clarified that the Crypto Fear and Greed Index used a variety of metrics to calculate the score. The <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow" target="_blank">firm</a> factored in Bitcoin’s dominance (10%), market volatility (25%), trends (10%), and trading volume (25%) for the analysis. Alternative.me further stated that the extreme fear level meant that most investors were scared, implying a good buy opportunity.&nbsp;
The Crypto Fear and Greed Index, BTC reached a high score of 90 – “Extreme Greed” back in March this year, when BTC price exceeded its previous all-time high of $69,000 achieved in November 2021. The price of Bitcoin has been on a downtrend since then.
<h3 id="span-style-font-weight-400-mt-gox-span-span-style-font-weight-400-and-germany-implicated-in-btc-price-dip-span">Mt. Gox and Germany implicated in BTC price dip</h3>
Mt. Gox announced that it would repay creditors who lost their investments when the company was hacked in 2014. The now-defunct crypto firm started the repayment on July 5, which could see up to $8.5 billion worth of BTC released to the crypto market. Fejau, a crypto analyst, <a href="https://x.com/fejau_inc/status/1805242741494005780" rel="noopener noreferrer nofollow" target="_blank">claimed</a> that BTC’s price struggles could be linked to the Mt. Gox repayments.&nbsp;
The downward price action of Bitcoin has also been linked to the large sales undertaken by the German and United States governments. According to Arkham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" rel="noopener noreferrer nofollow" target="_blank">data</a>, the German government transferred 16,254 BTC to exchanges and market makers in the last 24 days. Arkham revealed that the transaction was worth $935 million per current BTC price.&nbsp;

Bitcoin Fear and Greed Index hit new lows as BTC struggles to break crucial resistance

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