Greed

Bitcoin

when

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-market-challenges-as-prices-fluctuate/" data-wpel-link="internal">Bitcoin Faces Market Challenges as Prices Fluctuate</a> 
<a href="https://en.coin-turk.com/analysts-predict-bitcoin-price-movements-amid-market-turbulence/" data-wpel-link="internal">Bitcoin</a> and the cryptocurrency sector’s market sentiment indicator, the Crypto Fear and Greed Index, has dropped to its lowest level of extreme fear since January last year. The falling index score came as Bitcoin price failed to surpass $60,000 for the second time in 48 hours. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-bitcoin">What’s Happening with Bitcoin?</h2> 
Crypto analyst Justin Bennett told his 111,000 followers on July 11 via X that Bitcoin’s price level once again rejected the $60,000 level and pointed to a potential rising wedge formation indicating further declines in the coming days. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369982 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/fear.webp" alt="" width="653" height="712"> 
Bitcoin rose to $59,485 on July 10 and fell to $57,000 within the next 12 hours. On July 11, Bitcoin briefly rose to $59,529 again but failed to hold at this level. According to TradingView data, Bitcoin is currently trading at $57,499, a 23% drop from its all-time high seen on March 14 this year. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369981 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-4s.webp" alt="" width="1118" height="734"> 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
Recent negative sentiments are linked to the news that Mt. Gox started repaying creditors from July 5, potentially releasing $8.5 billion worth of Bitcoin into the market. Additionally, a significant portion of Bitcoin’s downward price movement is connected to potential large sales by the German Government, which transferred 16,254 Bitcoin (worth $935 million at current prices) to market makers and exchanges in the last 24 hours, according to blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform Arkham. 
The Crypto Fear and Greed Index affects market volatility (25%), trading volume (25%), Bitcoin’s dominance (10%), and trends (10%). The index used to account for market surveys with a 15% weight, but this data has been paused. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369979 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/extreme-fear.webp" alt="" width="1136" height="512"> 
Bitcoin’s index score has shown a consistent downward trend since it achieved a score of 90 extreme greed on March 5, when Bitcoin surpassed its all-time high price of $69,000 set in November 2021. Following these developments and the selling pressure on Bitcoin, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>‘ asset sales accelerated, negatively impacting various data points. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-market-challenges-as-prices-fluctuate/" data-wpel-link="internal">Bitcoin Faces Market Challenges as Prices Fluctuate</a></h5>

Bitcoin Faces Market Challenges as Prices Fluctuate

Table of Contents

COINTURK NEWS

Other articles published on Jul 12, 2024

Trading platform Abra purchased Valkyrie’s crypto trusts: Report

Efficient Multi-Token Transfers for Beginners

US Crypto Voters Push for System Update, Coinbase Study Finds

ESMA Reiterates MiCA Crypto Staking Laws Amid Controversy

Kraken Executive Says Ethereum ETFs Can Amass $1 Billion Monthly

Morgan Creek Digital Invests in AI, Blockchain, and Semiconductors with New Fund

Join our free newsletter for daily crypto updates!