Crypto Fear Index Crashes 21 Points as Bitcoin Slides Toward $103K
Bitcoin's losses continued on Monday with a plunge below $106,000, the first time in over 3 weeks. The world's largest cryptocurrency...
Quick overview
- Bitcoin's price fell below $106,000 for the first time in over three weeks, dropping to a low of $103,768 and resulting in a 3.2% loss in 24 hours.
- The Crypto Fear & Greed Index dropped to 21/100, indicating extreme fear among investors, a stark contrast to the greed seen just a month ago.
- Technical indicators suggest bearish momentum for Bitcoin, with potential further declines if the price breaks below $103,400.
- Despite current challenges, some analysts remain hopeful for a rebound in November, historically a strong month for Bitcoin.
Bitcoin’s losses continued on Monday with a plunge below $106,000, the first time in over 3 weeks. The world’s largest cryptocurrency dropped to a low of $103,768 on the day, resulting in a 3.2% loss over the past 24 hours and wiping almost $70 billion from the total value of the crypto market.
According to CoinGecko, the Crypto Fear & Greed Index plummeted by 21 points to 21/100 – its lowest level since April. This gauge is often used to gauge investor psychology, and right now it’s showing a pretty clear “Extreme Fear” vibe—which is, frankly, no real surprise. Risk aversion is really starting to set in across the crypto space.
Sentiment Hits Seven-Month Low
The index’s sharp downswing is eerily similar to the downright frightening nature of the selloff. Just a few months ago, on Oct 5th, Bitcoin was up at $126,000, and the index was at 74/100—a pretty clear sign of “Greed.” Since then, however, we’ve seen a massive 18% drop in BTC’s value, driven in no small part by macro uncertainty and a decline in institutional investors getting in on the action. The last time sentiment was this low was in April after President Trump’s global tariff announcement dropped like a bombshell on the crypto market, causing a massive correction.
Quick Sentiment Snapshot
- Current Index: 21/100 – and it’s in extreme fear territory for sure
- Last time we saw “Greed” around here: 74/100 (Oct 5th – a very different picture)
- Last time we hit “Extreme Fear” like this was back in April – around 18/100 (Apr 9th)
- Lowest mark in months: Bitcoin is down to $103,768 (Nov 4th)
The current numbers suggest investors are holding back, waiting for clearer signs from the macro world before getting back in the saddle again.
Bitcoin (BTC/USD) Technical Breakdown Confirms Bearish Momentum
Technically, the charts are looking pretty grim for Bitcoin. The price action has broken free of the ascending channel support around $107,200, suggesting a possible shift in the overall trend. To make matters worse, the 50-EMA has crossed under the 200-EMA, which—historically—is never a good sign, as it’s often linked to extended bear markets.
The RSI at 29 certainly shows that prices are oversold, but the lack of bullish divergence suggests the momentum is firmly in the hands of sellers. If we see a break below $103,400, losses will be substantial, with targets around $100,510 and $97,800, where long-term support and trendlines converge.
Trade Setup:
Traders should consider shorting near $107,000-$108,000 with a target at $103,400. If that goes through, we could see a further dive to $100,500; stop losses should be set a bit higher around $111,000. Conversely, if we can see a break above $110,500, then a rebound towards $115,700 can’t be ruled out.
Bitcoin (BTC/USD) Macro Pressure Weighs on Crypto Outlook
Analysts are pointing to a mix of macro headwinds—including a sizeable $800 million ETF outflow, declining institutional investor sentiment, and uncertainty around future Fed policy—as the reasons for this downturn. Despite a recent US rate cut, the central bank’s decision to maintain a neutral stance has really put the kibosh on further easing this year.
While things may look dire right now, some market watchers remain cautiously optimistic. Historically, November has been a pretty good month for Bitcoin, averaging a 42% gain, so if sentiment can stabilize, we might still see a rebound this “Moonvember”.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save