Investors started the big sell-off as Bitcoin (BTC) dropped below $39,000 for the first time since March 15.
The Fear and Greed Index is currently at 23, suggesting that the market is in the “extreme fear” zone.
Since April 12, the Fear and Greed Index has failed to rise above 30, indicating that the markets have been in uncertainty for two weeks. Bitcoin failed to break past the $46,000 resistance level, after which the decline began.
The Fear and Greed Index is determined based on six factors, including market momentum, social media, dominance and trends.
The index compiles a variety of market and social data, accurately representing the current market sentiment, allowing traders to see what might actually be on the mind of the average trader.
Bitcoin is trading at $39,451 at the time of writing, according to CoinMarketCap data.
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