The Crypto Fear and Greed Index — an indicator that tracks market sentiment toward Bitcoin and crypto — has fallen to “extreme fear,” its lowest level since January last year.

The tumbling index score came as the price of Bitcoin failed to break above the $60,000 mark for the second time in the last 48 hours.

The Crypto Fear and Greed Index, an indicator that gauges market sentiment toward Bitcoin and crypto, has hit “extreme fear,” marking its lowest level since January last year.

The tumbling index score follows the failure of Bitcoin’s price to breach the $60,000 level for the second time in the last 48 hours.

In a July 11 post to X, crypto and forex trader Justin Bennett shared his observations with his 111,000 followers, highlighting that Bitcoin’s price had encountered resistance at $60,000 “yet again.” He also noted the formation of a potential “rising wedge,” a technical pattern that often indicates a high probability of further downside in the coming days.

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While Bitcoin surged to a high of $59,485 on July 10, it quickly fell back to $57,000 over the next 12 hours. On July 11, BTC attempted another brief rally to $59,529 but failed to sustain that level.

According to TradingView data, Bitcoin is currently valued at $57,499, down 23% from its all-time high, which was set on March 14 this year.

Why has the price of Bitcoin stayed down?

Recent negative sentiment can be attributed to news that Mt. Gox had begun repaying its creditors starting July 5, with the potential to unleash up to $8.5 billion in Bitcoin onto the market.

Moreover, a significant portion of Bitcoin’s downward price action has been linked to possible large sales by the German Government, which has reportedly transferred 16,254 BTC — valued at $935 million at current prices — to market makers and exchanges in the last 24 hours, according to Arkham Intelligence data.

The Crypto Fear and Greed Index takes into account several metrics, including market volatility (25%), trading volume (25%), Bitcoin’s dominance (10%), and trends (10%). The index also used to include market surveys at a weight of 15%, but this metric has been paused.

Bitcoin’s index score has been steadily declining since it reached a high of 90 “Extreme Greed” on March 5, when Bitcoin briefly surpassed its previous all-time high price of $69,000, set in November 2021.

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