Crypto joins stocks in 'extreme fear' after Bitcoin loses $30K support
July 20, 2021. Summarized by summa-bot.
Compression ratio: 40.3%. 1 min read.
Bitcoin price action stays below $30,000 with sentiment firmly back in "extreme fear."
Bitcoin (BTC) failed to regain $30,000 after losing support on July 20 as fear & greed indices raced each other to the bottom.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD continue trading in the $20,000-$30,000 zone on Tuesday.
The Fear & Greed Index, which uses a basket of factors to determine the mood among market participants, fell into the "extreme fear" zone on Tuesday, measuring 17/100.
At the same time, the cryptocurrency equivalent, the Crypto Fear & Greed Index, raced to catch up, dropping to 19/100 — also denoted as "extreme fear. "
In the event, BTC/USD fell almost exactly to his target zone.
"BTC has lost Weekly support (black) and convincingly lost the blue 50-week EMA," he summarized on Twitter alongside the relevant chart.
Related: Institutional demand for Bitcoin evaporates as BTC struggles below $31K
Altcoins compounded existing weakness as Bitcoin fell, with many of the top fifty cryptocurrencies by market cap hitting 20% weekly losses.