BTC Floats Around $60K As Market Sentiment Shows Extreme Fear

The price of Bitcoin (BTC) recently has been steadily recovering and approaching a key resistance level, despite recent drops. Currently, it is hovering around $59,000 after nearly hitting $60,000 once again.

Extreme Fear

Although there has been a 1.3% rise in the past 24 hours, BTC remains 2.6% down over the last week. Market sentiment has worsened, with the Cryptocurrency Fear & Greed Index showing extreme fear with a value of 25.

Moreover, while many large-cap altcoins are struggling, some are seeing gains. Helium (HNT) is up 5%, dYdX (DYDX) has risen by 4%, and AAVE has increased by 3.3%. Overall, the market is still uncertain, with about $111 million in liquidated positions. The broader cryptocurrency market shows mixed performance, with many major altcoins trading lower. Noteworthy examples include SHIB, DOGE, ADA, SOL, XRP, LINK, BNB, and ETH.

Other Markets

Recent developments in Shenzhen highlight a significant shift for Chinese stock market investors, who have lost a key tool for measuring market sentiment. The CSI 300 Index has dropped over 9% since its peak in May, largely due to unmet expectations for earnings recovery and inadequate policy support.

Meanwhile, Wall Street is keenly watching for signs that US consumers are maintaining their spending habits, but recent inspections suggest that consumer spending might not be as robust as hoped. Goldman Sachs has revised its outlook on the risk of a US recession, thanks to new retail sales and job data. As Fed Chair Powell prepares to speak at Jackson Hole, market watchers are eager for insights on the economy.

Additionally, NFL owners and executives are set to discuss the future of private equity investments in their teams, while the New York Stock Exchange is grappling with a decline in stock values. The rise of Payment-in-Kind (PIK) instruments signals potential trouble ahead for private markets. In Central Gaza, displaced Palestinians are dealing with severe challenges, even as Israel cautiously welcomes a new US proposal for a ceasefire.

Health concerns are also making headlines in France, with ongoing discussions about monkeypox vaccines, and Pakistan has started screening all travelers for the Mpox virus. Lastly, in Russia, Novatek is preparing to unveil its second LNG unit at a sanctioned Arctic facility, underscoring the dynamic nature of the local energy sector.