“[The] only lower readings since 2016 are nov/dec 2018 when btc dropped from $6k to $3k and jun/jul 2022 when 3AC collapsed (and genesis went insolvent, we later learned).”
Checkmate continued:
FAQ Why did the Crypto Fear and Greed Index drop to 5? The index fell to a record low of 5 due to bitcoin’s sharp weekly decline, heavy liquidations and rising institutional selling pressure. What does extreme fear mean for bitcoin’s price? Extreme fear signals widespread bearish sentiment, which has historically appeared near market bottoms but does not guarantee an immediate rebound. How much was liquidated during bitcoin’s recent drop? Roughly $414 million in crypto positions were wiped out in one day, including about $140 million in bitcoin longs. Is bitcoin considered oversold right now? Several analysts point to bitcoin’s historically low weekly relative strength index ( RSI) as evidence the asset is approaching deeply oversold territory.
