Bitcoin Plunges Again: But Is a Reversal on the Horizon?
For the third day in a row, the price of Bitcoin fell to levels not seen since November 11, 2024, as the sell-off persisted. Bitcoin briefly traded at $82,256 at the height of the correction before buyers bought it, but evidence indicates that more declines may be in store before the market levels off.
Bullish divergence with oversold RSI STILL very much in play. At the moment, RSI still is making a higher low. We need to see a clear “elbow up” on the next candle to confirm. Noting here yet.
Independent market analyst Scott Melker
Crypto Panic: Fear & Greed Index Drops to 21 as Bitcoin Sells Off
The Crypto Fear & Greed Index dropped to a one-year low of 21, which is referred to as extreme fear, as Bitcoin continues to strike new lows. In addition to highlighting the significant billion-dollar withdrawals from the spot BTC ETFs, Velo data indicates that Bitcoin had its worst three-day run since 2022.
In addition to the crypto market’s weakness, which has persisted for almost a week, US stock markets also saw a selloff, with the S&P 500 falling following US President Donald Trump’s pledge to impose 25% tariffs on the EU. Along with the threat of tariffs, the Trump administration has also instructed federal agencies on how to implement mass layoffs in a document.
Even though the record-size liquidations of Bitcoin over the last three days may have revealed a generational buying opportunity, analysts are not yet prepared to declare that the worst of the selling is over. There are increasing views for a Bitcoin price bottom in the $80,000 to $71,000 region. However, current predictions differ among traders.
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