BTC $81,703.37 -0.14%
ETH $2,401.98 -0.08%
BNB $744.33 +1.66%
XRP $1.32 -0.32%
SOL $104.37 +0.50%
TRX $0.3296 -0.23%
DOGE $0.0801 +1.51%
ADA $0.2164 +0.40%
BCH $286.70 +4.51%
LINK $12.15 +0.92%
HYPE $78.48 +0.46%
AAVE $148.82 +0.71%
SUI $0.9954 +1.51%
XLM $0.1775 +0.06%
ZEC $1,229.34 -0.76%
AAPL $346.45 +0.55%
AMZN $250.61 -3.09%
GOOGL $325.12 -1.41%
MSFT $518.27 -2.11%
META $647.41 -5.71%
NVDA $214.47 -1.13%
TSLA $378.68 +3.33%
SNDK $1,301.20 -1.71%
INTC $87.46 -1.03%
SPCX $148.87 -4.33%
MU $878.29 -0.50%
AMD $516.58 -2.47%
BTC $81,703.37 -0.14%
ETH $2,401.98 -0.08%
BNB $744.33 +1.66%
XRP $1.32 -0.32%
SOL $104.37 +0.50%
TRX $0.3296 -0.23%
DOGE $0.0801 +1.51%
ADA $0.2164 +0.40%
BCH $286.70 +4.51%
LINK $12.15 +0.92%
HYPE $78.48 +0.46%
AAVE $148.82 +0.71%
SUI $0.9954 +1.51%
XLM $0.1775 +0.06%
ZEC $1,229.34 -0.76%
AAPL $346.45 +0.55%
AMZN $250.61 -3.09%
GOOGL $325.12 -1.41%
MSFT $518.27 -2.11%
META $647.41 -5.71%
NVDA $214.47 -1.13%
TSLA $378.68 +3.33%
SNDK $1,301.20 -1.71%
INTC $87.46 -1.03%
SPCX $148.87 -4.33%
MU $878.29 -0.50%
AMD $516.58 -2.47%

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Analysis: Bitcoin market sentiment hits an all-time low, contrarian investors believe that $60,000 is the bottom for BTC

According to Cointelegraph, the Bitcoin market sentiment index has fallen to an all-time low, with some contrarian investors believing that $60,000 may have become the bottom of this cycle.Data shows that the cryptocurrency fear and greed index dropped to a historical low of 7 over the weekend, indicating that the market is in a state of "extreme fear." Michaël van de Poppe, founder of MN Capital, pointed out that this indicator, along with the relative strength index, shows that the market is deeply oversold, a similar situation occurred during the 2018 bear market and the pandemic crash in March 2020, which may create conditions for a rebound.CoinGlass's liquidation heatmap shows that if the Bitcoin price rises by about $10,000, it could trigger the liquidation of over $5.45 billion in short positions, while a drop to $60,000 would only trigger $2.4 billion in liquidations. This imbalance may drive a short covering rally. However, structural risks in the market still exist.CryptoQuant data shows that Bitcoin is still far below its 50-day and 200-day moving averages, with a price Z-score of -1.6, indicating that it remains in a phase dominated by selling pressure. The net buying volume in the derivatives market has turned negative, and the Binance buy-sell ratio has also fallen below 1, showing strong selling pressure in the futures market.Analysts point out that stronger spot demand is needed to trigger a sustained rebound. From a longer-term perspective, historical data shows that Bitcoin bear market bottoms typically form below the 0.618 Fibonacci retracement level, which is currently around $57,000. If history repeats itself, the downside scenario could extend to $42,000.
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