Greed

Bitcoin

Arkham

when

The Crypto Fear &amp; Greed Index — an indicator that tracks market sentiment toward Bitcoin and crypto — has fallen to “extreme fear,” its lowest level since January 2023.&nbsp;
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/47311b9c-e300-4b87-9690-e1f8f63b9131.png" alt="Bitcoin index falls to ‘extreme fear’ as BTC fails twice to breach $60K" title="">
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 The Crypto Fear &amp; Greed Index has fallen to “extreme fear” for the first time in 18 months. Source: Alternative.me
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The tumbling score came as the price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) failed to break above the $60,000 mark for the second time in the last 48 hours. 
In a July 11 <a href="https://x.com/JustinBennettFX/status/1811426270527586496" target="_blank" rel="noopener nofollow">post</a>&nbsp;on X, crypto and forex trader Justin Bennett told his 111,000 followers that Bitcoin’s price level had rejected $60,000 “yet again,” noting the formation of a potential “rising wedge,” which suggests further downside in the coming days.
Bitcoin rallied as high as $59,485 on July 10 before tumbling back down to $57,000 in the following 12 hours. On July 11, BTC briefly rallied to $59,529 again but failed to hold at that level. 
Bitcoin is changing hands for $57,499 at the time of writing, down 23% from its all-time high notched on March 14, <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="noopener nofollow">according</a> to TradingView data. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/c7abd246-31b0-4a70-8403-0c80d2e82546.png" alt="Bitcoin index falls to ‘extreme fear’ as BTC fails twice to breach $60K" title="">
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 Bitcoin has rejected the $60,000 level twice in the last 48 hours. Source: TradingView
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<h2 data-ct-non-breakable="true" id="why-has-the-price-of-bitcoin-stayed-down">Why has the price of Bitcoin stayed down?</h2>
<a href="https://cointelegraph.com/news/bitcoin-derivatives-turn-bearish-as-traders-anticipate-sub-60k-btc-price">Recent negative sentiment</a><a href="https://cointelegraph.com/news/bitcoin-derivatives-turn-bearish-as-traders-anticipate-sub-60k-btc-price"></a> has been linked to <a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments">news that Mt. Gox</a>&nbsp;has started paying <a href="https://cointelegraph.com/news/mt-gox-repayments-bitcoin-bitcoin-cash#:~:text=on%20social%20networks-,Mt.,exchanges%20per%20its%20rehabilitation%20plan.">back its creditors</a>&nbsp;since July 5, potentially unleashing up to $8.5 billion worth of Bitcoin onto the market. 
Additionally, much of Bitcoin’s downward price action <a href="https://cointelegraph.com/news/germany-btc-sell-arkham-wallet">has been linked to large sales</a> from the German Government, which has transferred 16,254 BTC — worth $935 million at current prices — to market makers and exchanges in recent days, <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener nofollow">according</a> to Arkham intelligence data. 
Related: <a href="https://cointelegraph.com/news/bitcoin-price-cpi-gains-last-1-hour-mt-gox-sell-off-fears">Bitcoin price CPI gains last just 1 hour as Mt. Gox sell-off fears linger</a>
The <a href="https://cointelegraph.com/explained/what-is-the-crypto-fear-and-greed-index">Crypto Fear &amp; Greed Index</a> factors in market volatility (25%), trading volume (25%), Bitcoin’s dominance (10%) and trends (10%). The index also previously accounted for market surveys at a weight of 15%, but that metric has been paused.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/4d087ab5-9468-486d-990e-e779c5821ee0.png" alt="Bitcoin index falls to ‘extreme fear’ as BTC fails twice to breach $60K" title="">
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 The last time the index traded in “extreme fear” was on Jan. 9, 2023. Source: Alternative.me
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Bitcoin’s index score has been on a consistent downtrend since it notched a score of 90 “extreme greed” on March 5, when Bitcoin <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k">surpassed its previous all-time high</a> price of $69,000 set back in November 2021.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto exposes sudden rift among Democrats months ahead of election</a>

Bitcoin index falls to ‘extreme fear’ as BTC fails twice to breach $60K

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