Bitcoin market sentiment has plunged to its lowest level in months, with the Crypto Fear & Greed Index and social media analytics reflecting a state of extreme pessimism among retail traders. As the price of Bitcoin recently corrected toward the $60,000 psychological support level, many market participants feared a deeper retracement. However, contrarian investors and seasoned analysts are viewing this wave of ‘Extreme Fear’ as a classic indicator of a local price bottom. Proponents of this view argue that the liquidation of over-leveraged long positions and the recent cooling of funding rates have provided the necessary reset for a new bullish leg. While macro uncertainties and spot ETF outflows continue to weigh on the market, the contrarian narrative suggests that $60,000 has served as a formidable floor, and the current lack of confidence typically precedes a significant price recovery.
Source: Bitcoin sentiment hits record low as contrarian investors say $60K was BTC’s bottom
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