BTC $82,966.85 +0.70%
ETH $2,506.90 +1.13%
BNB $750.13 +1.25%
XRP $1.40 +1.07%
SOL $110.24 +1.45%
TRX $0.3306 -0.39%
DOGE $0.0858 +0.89%
ADA $0.2528 +5.43%
BCH $280.74 +2.21%
LINK $13.06 +2.43%
HYPE $85.47 +1.85%
AAVE $169.32 +1.58%
SUI $1.11 +5.12%
XLM $0.1971 +1.89%
ZEC $1,222.00 +1.30%
AAPL $336.35 0.00%
AMZN $262.43 -0.11%
GOOGL $351.38 -0.17%
MSFT $535.23 -0.03%
META $719.39 +0.10%
NVDA $230.55 +0.43%
TSLA $382.88 +0.02%
SNDK $1,598.93 +1.18%
INTC $105.19 +0.58%
SPCX $163.69 +0.55%
MU $1,036.89 +0.70%
AMD $609.54 +0.30%
BTC $82,966.85 +0.70%
ETH $2,506.90 +1.13%
BNB $750.13 +1.25%
XRP $1.40 +1.07%
SOL $110.24 +1.45%
TRX $0.3306 -0.39%
DOGE $0.0858 +0.89%
ADA $0.2528 +5.43%
BCH $280.74 +2.21%
LINK $13.06 +2.43%
HYPE $85.47 +1.85%
AAVE $169.32 +1.58%
SUI $1.11 +5.12%
XLM $0.1971 +1.89%
ZEC $1,222.00 +1.30%
AAPL $336.35 0.00%
AMZN $262.43 -0.11%
GOOGL $351.38 -0.17%
MSFT $535.23 -0.03%
META $719.39 +0.10%
NVDA $230.55 +0.43%
TSLA $382.88 +0.02%
SNDK $1,598.93 +1.18%
INTC $105.19 +0.58%
SPCX $163.69 +0.55%
MU $1,036.89 +0.70%
AMD $609.54 +0.30%

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Analysis: Bitcoin market sentiment hits an all-time low, contrarian investors believe that $60,000 is the bottom for BTC

According to Cointelegraph, the Bitcoin market sentiment index has fallen to an all-time low, with some contrarian investors believing that $60,000 may have become the bottom of this cycle.Data shows that the cryptocurrency fear and greed index dropped to a historical low of 7 over the weekend, indicating that the market is in a state of "extreme fear." Michaël van de Poppe, founder of MN Capital, pointed out that this indicator, along with the relative strength index, shows that the market is deeply oversold, a similar situation occurred during the 2018 bear market and the pandemic crash in March 2020, which may create conditions for a rebound.CoinGlass's liquidation heatmap shows that if the Bitcoin price rises by about $10,000, it could trigger the liquidation of over $5.45 billion in short positions, while a drop to $60,000 would only trigger $2.4 billion in liquidations. This imbalance may drive a short covering rally. However, structural risks in the market still exist.CryptoQuant data shows that Bitcoin is still far below its 50-day and 200-day moving averages, with a price Z-score of -1.6, indicating that it remains in a phase dominated by selling pressure. The net buying volume in the derivatives market has turned negative, and the Binance buy-sell ratio has also fallen below 1, showing strong selling pressure in the futures market.Analysts point out that stronger spot demand is needed to trigger a sustained rebound. From a longer-term perspective, historical data shows that Bitcoin bear market bottoms typically form below the 0.618 Fibonacci retracement level, which is currently around $57,000. If history repeats itself, the downside scenario could extend to $42,000.
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