THE almost 4% decline in a day has the market at “extreme fear” level as Bitcoin, the flagship cryptocurrency, tumbled to its lowest level since February.
The broader crypto market got painted red as it declined by almost 4% in a day.
In the past 24 hours, Bitcoin, down by over 3%, is on track for its sixth consecutive week of losses, its longest losing streak to date.
This brought the Bitcoin Fear and Greed Index (BFGI) to revisit the “extreme fear” level. The BFGI is at its lowest level since late January, with a reading of 18 as of this writing, compared to 23 previously.
Analysts anticipated the coin to now possibly touch a price bottom as low as $28,000. This would be if Bitcoin breaches the $32,850 support level.
