Bitcoin Price Trades Near $87,000 as Market Slips Into ‘Extreme Fear’
Bitcoin trades near $87,000 while the Crypto Fear and Greed Index signals extreme fear among investors.Summary
The Bitcoin price was hovering around $87,696, showing a slight 2% gain over 24 hours but remaining within a choppy consolidation range after a recent drop below $90,000. Market sentiment has turned decisively bearish, evidenced by the Crypto Fear and Greed Index plunging to 11, indicating "extreme fear" among investors, a level historically associated with potential local bottoms. This downturn was exacerbated by thin liquidity during weekend trading, causing sharp pullbacks. While technical analysis watches the mid-$85,000 range for support, broader market caution persists ahead of macroeconomic events like the Bank of Japan's expected interest rate hike. Despite the short-term pessimism, long-term optimism remains due to institutional adoption, and one report suggests Bitcoin may break its historical four-year cycle.
(Source：Bitcoin Magazine)