Bitcoin Craters to $10,500, Sentiment Hits December Lows: Can BTC Bounce?
Over the past few days, bears have managed to wrest the wheel of the proverbial Bitcoin car from bulls. And since then, this class of investors has been driving BTC off a cliff.
As of the time of writing this, is trading at $10,600, having lost 6.54% — around $700 — in the past 24 hours. that BTC is down 10.75% in the past week, marking one of the largest weekly losses during the early phases of this cycle.
This dramatic move lower comes shortly after countless cryptocurrency investors on Twitter were calling for bulls to commence their next leg to the upside.
Bitcoin Market Sentiment Falls Off a Cliff
Despite the fact that the Bitcoin price is still over three times higher than it was back in during the capitulation event of December 15th, market sentiment is currently extremely bearish.
In fact, as by crypto-friendly economist Alex Krüger, the Bitcoin Fear & Greed index has reached the December lows.