Bitcoin (BTC) failed to regain $30,000 after losing support on July 20 as fear & greed indices raced each other to the bottom.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price stays below $30,000 waterline
The largest cryptocurrency saw a turbulent night’s price action, abruptly adding to existing losses to seal 24-hour negative returns of -6%.
The move came in tandem with a souring sentiment on traditional markets. 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.”
Crypto Fear & Greed saw local lows of just 10/100 last month, while the traditional counterpart’s score has halved in a week.
Crypto Fear & Greed Index as