Bitcoin Sentiment Returns To Extreme Fear, Struggling Below $40k

The Bitcoin sentiment returns to extreme fear positions and struggles below the $40K as we can see more today in our latest Bitcoin news today.

After dropping below the $40K earlier this weekend and BTC was unable to reclaim the level despite a few attempts and the rest of the market is now calm with ETH sitting below $3000, the bitcoin sentiment returns to extreme fear. Bitcoin went on the offensive and added a few thousand dollars in about a few days and as a result, it broke above the January 2021 ATH of $42,000 and kept on increasing. It culminated in a price towards $43,000 which became a ten-day high but this is where the bears stepped up and didn’t allow more price jumps just the opposite, the coin revered its trajectory and started retracting.

The price drop was quite a sudden and the asset found itself trading below $40,000 hours later and declined to over $39,000. it tried to recover ground but was stopped in the tracks at $40,000 and this is where it now sits as well with a marekt cap of $750 billion. The adverse developments led to a change in the overall market sentiment and the popular BTC fear and greed index stands at the extreme fear level and the alternative coins went through strong volatility with the most coins mimicking BTC performance.

Ethereum went from a ten-day high of its own at $3200 to below $3000 in a few days and now trades below the latter. Solana, DOT, SHIB, and Binance Coin and is in the green while Ripple, TErra, Cardano, and DOGE are with minor price decreases. As most lower and mid-cap altcoins are low, the cumulative market cap of all crypto assets remained in a similar position of a $1.850 trillion.

As earlier reported, Bitcoin Cash and Ethereum Classic dropped by 8% and most of the leading coins stagnated this week with some minimal adoption of crypto. Compared to the past two weeks, the losses slowed down as bitcoin goes back below $40K and dropped by 2% to trade at $39,629 while ETH dropped 2.7% to $2960 which is below the critical threshold. Coins that forked from the market leaders fared worse over the past week. Bitcoin Cash and ETC both posted losses of over 8% and bitcoin cash traded for $318 and ETC is worth $35 at the time of writing.