Crypto Fear and Greed Index Reaches Its Second Lowest Level Since 2018: Bitcoin Breaks Its $20 Support Level 

Currently, at 6, the crypto fear and greed index hit its second-lowest level since August 2018.

Bitcoin lost its crucial $20k support level and hit a local low of $18,742, as more losses could be seen on the horizon. 

According to Alex Krüger, if Bitcoin goes below $20k, it can lead to the Bitcoin market into one of knife-catching.

Crypto Market is going through one of its worst phases. Extreme fears are prevailing in the market. The crypto fear and greed index hit its second-lowest level since August 2018, when it hit a value of 5, reaching a value of 6.

The current market sentiment is depicted in the screenshot below:

Bitcoin Breaks The Crucial $20k Support Zone

The shocking low in the crypto fear and greed index came at a time when the leading cryptocurrency by market cap broke the crucial $20k support zone and reached a local low of $18,302.93

Arthur Hayes, the former Bitmex CEO, in a blog post yesterday warned that the characteristics of weekends could lead to further losses by Bitcoin and Ethereum below $20k and $1k, respectively.

However, only the future will tell how low the asset classes can go! The top cryptocurrencies dropped below $20,000 and $1,000 respectively in an astonishing way.

ALSO READ – From bitcoin and Ethereum crashing upto 30% to Celsius halting withdrawals, hadn’t this week too much? 

Arthur Hayes Asks Is BTC Okay?

The CEO tweeted about Bitcoin losing $20k by hinting at Michael Jackson’s hit of ‘Smooth Criminal’ by inquiring if Bitcoin is okay and if the Central Banker had struck it. Below is the tweet by him:

Alex Krüger: $20k Is Decisive For Bitcoin 

Alex Krüger, BTC and crypto community member, also did a similar analysis on Bitcoin losing its $20k support. Krüger in his analysis mentions that the market can turn into one of knife catching due to the Bitcoin losing $20k.

According to him, 20k is a decisive point for the crypto future. 

BTC is above 20k and it can continue being traded as a risk asset. With BTC above 20k crypto remains a somewhat investable asset class.

Bitcoin is above 20k and it can continue to be traded as a risk asset. With BTC above 20k crypto remains a somewhat investable asset class. “Below and it’s just knife catchers, retail DCA, investors and miners puking, hate and anger,” added Kruger. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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