Bitcoin Price Crashes to $86,000 As Extreme Fear Hits the Market

Bitcoin experienced a sharp decline, trading as low as $86,610, marking a 1% drop over 24 hours and setting new seven-month lows. This crash occurred despite positive external market factors, including unexpectedly strong U.S. jobs data and a robust earnings report from Nvidia, which had initially boosted risk assets globally. The market sentiment is characterized by 'Extreme Fear,' as indicated by the Fear and Greed Index, following a challenging month that included a $3 billion withdrawal from U.S. spot Bitcoin ETFs. Technically, Bitcoin broke below the critical $96,000 support level, shifting sentiment to favor bears. Analysts see the next significant support zones between $83,000-$84,000 and a lower range of $69,000-$72,000. Resistance is substantial above $94,000, with analysts suggesting the best-case scenario is a short rally before further declines, as bears maintain firm control.

(Source：Bitcoin Magazine)