Crypto Fear and Greed Index Drops to Second Lowest Level of 6 Since 2018 as Bitcoin loses Crucial $20k Support

Abstract:

• The crypto worry and greed index is presently at a 6, the second-lowest since August 2018, when it fell to a price of 5.
• Bitcoin has misplaced the essential $20k help stage and hit a neighborhood low of $18,742, with the weekend presumably opening the doorways to extra losses.
• A drop under $20k may flip the Bitcoin market into one in every of knife-catching.

There’s a stage of utmost worry within the crypto markets. The crypto worry and greed index has hit a price of 6, its second-lowest stage since August 2018, when it hit a price of 5. The screenshots under additional reveal the present market temper as a result of ongoing crypto bear market.

Bitcoin Loses the Essential $20k Help Zone.

The crypto worry and greed index dropping to a jaw-dropping six comes within the wake of Bitcoin dropping the essential $20k help zone and posting a neighborhood low of $18,742.

In a weblog put up yesterday, former Bitmex CEO Arthur Hayes cautioned that the low commerce quantity attribute of weekends may lead to additional losses by Bitcoin and Ethereum under $20k and $1k, respectively. He said:

How low can we go? I imagine we’ll discover out on this fateful weekend. This week Bitcoin and Ether bounced off of $20,000 and $1,000 respectively in a formidable vogue. Can they maintain a renewed assault on these ranges throughout a weekend the place no contemporary filthy fiat will be deposited on crypto exchanges?

Bitcoin are You Okay – Arthur Hayes

Arthur Hayes has since Tweeted about Bitcoin dropping $20k by alluding to the late Michael Jackson’s hit of ‘Easy Legal’ by asking if Bitcoin was okay, and whether or not it had been hit struck by the Central Banker. His tweet will be discovered under.

#Bitcoin, are you okay? So, Bitcoin, are you okay?
Are you okay, Bitcoin?
You have been hit by-

You have been struck by-
The Central Banker pic.twitter.com/lg9dpKvS7w

— Arthur Hayes (@CryptoHayes) June 18, 2022

Bitcoin Under $20k Is Simply Knife Catchers – Alex Krüger

In an analogous evaluation of Bitcoin dropping its $20k help, BTC and crypto neighborhood member Alex Krüger confused the significance of buying and selling above this stage. In response to his evaluation, Bitcoin dropping $20k may remodel the market into one in every of knife catching. He explained:

[The] means I see it 20k is decisive for the way forward for crypto.

BTC above 20k and it could possibly proceed being traded as a threat asset. With BTC above 20k crypto stays a considerably investable asset class.

Under and it’s simply knife catchers, retail DCA, traders and miners puking, hate and anger.