Bitcoin Falls Below $94,000 for First Time Since May Amid Extreme Fear Sentiment
Bitcoin briefly fell below $94,000 for the first time since May 6, later trading around $95,087, down about 1% over 24 hours. The Crypto Fear & Greed Index remained at 10, indicating Extreme Fear, unchanged from Saturday. Major altcoins also declined, with Ethereum down approximately 3%, XRP about 2.1%, Binance Coin 1.6%, and Solana around 3.6% lower.
Bitcoin broke out of a trading channel, with analyst Ali Martinez suggesting a potential slide toward $83,500. Benjamin Cowen noted a "death cross" in BTC's chart, emphasizing the need for a bounce within a week to maintain the cycle; failure could lead to further declines before a rally targeting the 200-day moving average.
Santiment reported that bitcoin discussion rates surged to a four-month high amid Friday’s price slip. Retail fear and social-dominance increases suggest a higher probability of reversal, though not guaranteed.
Michael Saylor indicated that Strategy will announce its latest bitcoin purchase on Monday, describing it as a "Big Week" in conjunction with StrategyTracker.
Year-to-date, gold has outperformed bitcoin significantly, with gold up around 55% compared to bitcoin's roughly 1% gain, highlighting a notable divergence.
