Bitcoin sentiment hits record low as $60,000 support tested

Bitcoin pushed back above $71,000 on Monday even as market sentiment across the crypto sector fell to new lows. The Crypto Fear & Greed Index tumbled to a record low of 7, signaling extreme fear among investors. MN Capital founder Michaël van de Poppe noted the index had fallen to 5 over the weekend (final recorded reading 7) and that Bitcoin’s daily RSI sank to 15, marking deeply oversold conditions last seen in 2018 and March 2020.

He said those signals may allow BTC to recover and avoid an immediate retest of the $60,000 level. CoinGlass data show more than $5.45 billion in cumulative short liquidations positioned if the price moves roughly $10,000 higher, versus $2.4 billion on a retest of $60,000, a setup that could trigger forced short covering.

At the same time, CryptoQuant finds Bitcoin trading below its 50-day moving average near $87,000 and well below the 200-day around $102,000, with a Price Z-Score at -1.6 — signs of selling pressure and trend exhaustion.

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