The Crypto Fear and Greed Index – an indicator that tracks market sentiment towards Bitcoin and cryptocurrencies – has fallen to “extreme fear”, its lowest level in the last 18 months. Bitcoin's price failed to rise above $60,000 for the second time in the last 48 hours.

In a post on X on July 11, crypto and forex trader Justin Bennett noted that Bitcoin's price level is rejecting $60,000 "again." This signals the formation of a potential “rising wedge” that suggests further declines in the coming days.

Bitcoin rose as high as $59,485 on July 10 but fell to $57,000 over the next 12 hours. On July 11, BTC briefly rose to $59,529 but could not hold at that level.

Bitcoin is currently changing hands for $57,499, which is a 23% decline from its all-time high recorded on March 14.

Recent negative sentiment has been reflected in Mt. Gox will begin paying its creditors on July 5, potentially releasing $8.5 billion worth of Bitcoin into the market.

Additionally, much of Bitcoin's falling price movement has been attributed to massive sell-offs from the German Government, which transferred 16,254 BTC - worth $935 million at current prices - to market makers and exchanges in the last 24 hours.

The Crypto Fear and Greed Index takes into account market volatility (25%), trading volume (25%), Bitcoin dominance (10%), and trends (10%). The last time the index traded in “extreme fear” was January 9, 2023.

Bitcoin's index score has been in a steady downward trend since it received a 90 "Overwhelm" score in March when it surpassed its previous all-time high price of $69,000. What are your thoughts? We are waiting your comments.#Bitcoin#Cryptocurrency #MarketSentiment