Bitcoin price sees sharpest weekly dip since last July amid extreme fear
Bitcoin price has witnessed the sharpest weekly decline since last July, sending the price down 14.7% this week to $82,000 and marking a 20% monthly drop.
The decline triggered a bearish breakout from a 15-week consolidation range that had kept Bitcoin in check since late last year. However, the market has since seen a slight recovery, with Bitcoin now trading near $86,300, paring the monthly loss to 16%.
A key factor behind the sharp downturn was the record daily net outflow from U.S. spot Bitcoin ETFs, leading to over $1.5 billion in liquidations, mostly from long positions. The Crypto Fear & Greed Index has fallen to 10%, indicating extreme fear in the market, a sentiment level last seen in August 2023 when Bitcoin bottomed at $49,000 before rallying to new all-time highs.
Bitcoin price dynamics. Source: TradingView
On-chain data suggests that long-term holders have viewed the sell-off as a buying opportunity, accumulating 20,400 BTC. This signals that institutional investors may be stepping in despite prevailing market weakness.
Bitcoin price forecast: $89K recovery in focus as long-term holders buy BTC
From a technical standpoint, Bitcoin faces near-term resistance at $89,400, while the $80,000 psychological level could provide a support floor if selling pressure resumes. The daily and 4-hour RSI indicators have shifted from oversold to bearish territory, leaving room for further downside movement unless buyers sustain momentum above $86,000.
Bitcoin’s price action in the coming days will likely depend on whether the $82,000 level holds as a new support base and whether market sentiment stabilizes following the ETF-driven sell-off. With liquidity still tight, traders will be watching for signs of renewed accumulation or further downside pressure toward $80,000.
Bitcoin broke below last month’s low of $89,400 and extended its February decline. ETF outflows signaled weak institutional demand, contributing to the 21% drop from January’s all-time high.
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