The sudden drop in Bitcoin price last week sparked concerns among investors. Indicators point to a potentially long-term bear market. The Crypto Fear and Greed Index stands at 56, highlighting mixed market sentiment.

Over the past week, Bitcoin [BTC] has experienced a significant depreciation, falling 9.74% from its peak on Monday. This decline led to a shift in market sentiment, reflected in the Crypto Fear and Greed Index at 56. This neutral indicator suggests that traders are waiting for clearer market signals before making important decisions.

On the weekly charts, Bitcoin's price action exhibited a downtrend, especially after failing to find support above the $56.5k level. The price rose as high as $69.5k in July but faced resistance above the $72k level, reinforcing the bearish outlook. Latest data shows that Bitcoin experienced a sudden decline after rising to $70.1k, resulting in $343 million worth of liquidations within 24 hours.

Despite the recent decline, the $56.1k and $52k Fibonacci retracement levels may present attractive buying opportunities for long-term investors. While $52k may seem like a fairly low estimate right now, these levels could provide a strategic entry point for those with a long-term investment perspective.

Long-term investors can consider this fluctuation as a buying opportunity. Historical data such as the Bitcoin Rainbow Chart suggests that current prices may still be considered “cheap”. However, the neutral readings of the Crypto Fear and Greed Index imply that further market distress may occur before a significant recovery rally.

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