Sentiment across the cryptocurrency market has sunk to its weakest point since February after a sharp sell-off pushed Bitcoin below the $100,000 psychological support level.
The downturn has fed directly into investor emotions, dragging the Fear & Greed Index to 15, a reading deep within the Extreme Fear zone. The entire crypto market is now down by about 6% in the past 24 hours, creating one of the most emotionally compressed trading environments seen this year.
The entire crypto market has been faced with a series of liquidations and selling pressure in the past 24 hours that have seen many cryptocurrencies lose major support levels. The most important of the bunch is Bitcoin, which is now trading below $100,000 for the first time since early May, according to data from CoinGecko.
If the Bitcoin price continues to trade below $100,000, the market may remain in a defensive posture. However, if stability begins to form and there’s enough buying pressure to push above $100,000 again, the sentiment could gradually recover to ease the Extreme Fear reading.
At the time of writing, Bitcoin is trading at $97,080, down by 6.5% in the past 24 hours. The entire crypto market cap is at $3.368 trillion, down by 6.2% in the same timeframe.
