Bitcoin Drops to $105,600 as Fear & Greed Index Hits 22

The Bitcoin Fear & Greed Index has fallen into extreme fear territory, with a current value of 22. This shift follows a recent downturn in Bitcoin and other cryptocurrencies.

The index ranges from 0-100, indicating investor sentiment. Values below 47 suggest fear, while those above 53 imply greed.
Extreme fear (below 25) and extreme greed (above 75) are critical zones where significant market tops and bottoms often occur.
The current drop to 22 is a deterioration from recent normal fear values, attributed to bearish market actions.
Recent market activity includes a sharp decline over the past day and a rapid drawdown last week.

Historically, extreme fear can lead to market bottoms, although such bottoms may be temporary. As of now, Bitcoin trades at approximately $105,600, down 13% over the past week.