BTC $81,740.32 -0.09%
ETH $2,404.51 +0.08%
BNB $744.86 +1.61%
XRP $1.33 -0.05%
SOL $104.56 +0.73%
TRX $0.3297 -0.28%
DOGE $0.0798 +1.02%
ADA $0.2160 +0.46%
BCH $287.12 +4.65%
LINK $12.16 +1.10%
HYPE $78.59 +0.59%
AAVE $149.10 +0.73%
SUI $0.9967 +1.31%
XLM $0.1772 -0.33%
ZEC $1,229.78 -1.60%
AAPL $346.25 +0.39%
AMZN $251.15 -2.88%
GOOGL $325.94 -1.15%
MSFT $518.47 -1.90%
META $649.74 -5.94%
NVDA $215.12 -0.99%
TSLA $379.69 +3.26%
SNDK $1,310.38 -1.25%
INTC $88.15 -0.55%
SPCX $149.57 -3.88%
MU $883.75 -0.21%
AMD $520.62 -2.40%
BTC $81,740.32 -0.09%
ETH $2,404.51 +0.08%
BNB $744.86 +1.61%
XRP $1.33 -0.05%
SOL $104.56 +0.73%
TRX $0.3297 -0.28%
DOGE $0.0798 +1.02%
ADA $0.2160 +0.46%
BCH $287.12 +4.65%
LINK $12.16 +1.10%
HYPE $78.59 +0.59%
AAVE $149.10 +0.73%
SUI $0.9967 +1.31%
XLM $0.1772 -0.33%
ZEC $1,229.78 -1.60%
AAPL $346.25 +0.39%
AMZN $251.15 -2.88%
GOOGL $325.94 -1.15%
MSFT $518.47 -1.90%
META $649.74 -5.94%
NVDA $215.12 -0.99%
TSLA $379.69 +3.26%
SNDK $1,310.38 -1.25%
INTC $88.15 -0.55%
SPCX $149.57 -3.88%
MU $883.75 -0.21%
AMD $520.62 -2.40%

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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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