Crypto market sentiment sank to its lowest stage in additional than three and a half years as bitcoin slid sharply towards $60,000.
The Crypto Worry & Greed Index fell to 9 out of 100 on Friday, a stage final seen in June 2022 following the Terra collapse.
Sentiment hits excessive worry
Bitcoin has fallen 38% from its 2026 excessive close to $97,000 in roughly three weeks, erasing beneficial properties from the previous 16 months.
The transfer coincided with a deep drop in threat urge for food throughout crypto markets because the sentiment gauge remained depressed for about two weeks.
Bitcoin drops on Coinbase
Bitcoin fell to a little bit over $60,000 on Coinbase in early Friday buying and selling, its lowest stage since October 2024.
It later traded simply above $64,000 after falling 13% over the previous 24 hours, marking its largest day by day loss since mid-2022.
Bitcoin additionally slipped under the 200-week exponential transferring common, a long-term pattern indicator.
It’s about 50% down from its all-time excessive of $126,000 in early October.
Liquidations surge
Over the previous 24 hours, greater than 588,000 merchants have been liquidated for $2.7 billion.
CoinGlass information confirmed about 85% of these liquidations have been leveraged longs, predominantly in bitcoin.
Tech selloff and Fed warning
Jeff Ko, chief analyst at CoinEx Analysis, tied bitcoin’s weekly drawdown to a selloff in US tech shares amid issues about stretched valuations and an AI-driven bubble.
Ko stated:
“Buyers are more and more reassessing Bitcoin’s failure to operate as a protected haven in comparison with gold.”
LVRG Analysis director Nick Ruck attributed the broader decline to heightened threat aversion linked to softer US job market alerts and expectations of Federal Reserve warning on aggressive price cuts.
Bitcoin’s break under the long-term pattern line additionally places deal with the 200-week transferring common.