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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.

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by summa-bot

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