BTC $82,969.34 +0.57%
ETH $2,505.55 +0.96%
BNB $750.21 +1.12%
XRP $1.41 +1.09%
SOL $110.22 +1.05%
TRX $0.3306 -0.38%
DOGE $0.0859 +0.97%
ADA $0.2539 +5.65%
BCH $281.07 +2.20%
LINK $13.08 +1.97%
HYPE $85.40 +1.71%
AAVE $169.81 +1.02%
SUI $1.12 +5.23%
XLM $0.1971 +1.90%
ZEC $1,226.51 +1.12%
AAPL $336.29 -0.07%
AMZN $262.56 -0.03%
GOOGL $351.38 -0.19%
MSFT $535.04 -0.06%
META $719.46 +0.13%
NVDA $230.51 +0.34%
TSLA $382.43 -0.13%
SNDK $1,599.12 +1.02%
INTC $105.15 +0.55%
SPCX $163.66 +0.54%
MU $1,037.33 +0.83%
AMD $610.09 +0.37%
BTC $82,969.34 +0.57%
ETH $2,505.55 +0.96%
BNB $750.21 +1.12%
XRP $1.41 +1.09%
SOL $110.22 +1.05%
TRX $0.3306 -0.38%
DOGE $0.0859 +0.97%
ADA $0.2539 +5.65%
BCH $281.07 +2.20%
LINK $13.08 +1.97%
HYPE $85.40 +1.71%
AAVE $169.81 +1.02%
SUI $1.12 +5.23%
XLM $0.1971 +1.90%
ZEC $1,226.51 +1.12%
AAPL $336.29 -0.07%
AMZN $262.56 -0.03%
GOOGL $351.38 -0.19%
MSFT $535.04 -0.06%
META $719.46 +0.13%
NVDA $230.51 +0.34%
TSLA $382.43 -0.13%
SNDK $1,599.12 +1.02%
INTC $105.15 +0.55%
SPCX $163.66 +0.54%
MU $1,037.33 +0.83%
AMD $610.09 +0.37%

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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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