Bitcoin price has sharply reversed course after reaching a record high above $126,000 just two weeks ago — and the downturn isn’t letting up. The price has now slipped into the $104,000 range, extending a multi-day decline that’s driven market sentiment to its most cautious level in months.
Currently, the bitcoin price is is $105,485, but the price was as low as $103,516 in early morning trading on some exchanges.
According to the Bitcoin Fear & Greed Index, sentiment now stands at 22/100, marking a shift into the ‘Extreme Fear’ category. The index, which ranges from 0 (extreme fear) to 100 (extreme greed), is widely viewed as a gauge of investor psychology and potential market turning points.
Last Friday, on October 10, Bitcoin and the broader crypto market witnessed a drastic and sharp sell-off as President Trump announced sweeping 100% tariffs and export controls in response to China’s new restrictions on nearly all products starting November 1, 2025.
The news triggered a sharp crypto sell-off, with Bitcoin briefly down 12% and other major cryptocurrencies falling as much as 40%.
Now, bitcoin is near the low price of the sell-off with much of the broader crypto market following suit.
Is Bitcoin going lower?
Bitcoin price fell below $105,000 for the first time since June, fueling fears of a deeper correction as traders braced for potential declines into the $90,000s or even $80,000s.
Technical indicators showed momentum weakening: Bitcoin’s Relative Strength Index dipped to 37, while the Average Directional Index barely confirmed a downtrend at 25.23.
On shorter timeframes, the sell pressure intensified, with the RSI at 32.7 and the ADX climbing above 34, signaling strong bearish momentum. Charts also revealed a “death cross” pattern — a technical signal often associated with extended downturns.
Regarding the Bitcoin Fear & Greed Index, periods of “extreme fear” often coincide with oversold conditions, as traders retreat from risk and liquidity tightens. Historically, such phases have sometimes preceded local bottoms, though timing remains uncertain amid broader market volatility.
The sell-off comes as macro uncertainty weighs on risk assets globally. Bitcoin’s decline mirrors weakness in equities and commodities, as investors brace for renewed geopolitical tensions and cautious monetary policy commentary later this week.
Just two weeks ago, when Bitcoin traded above $124,000, the index read 70, signaling ‘greed’ and highlighting how sharply sentiment has reversed.
Meanwhile, gold has surged to fresh all-time highs above $4,350 per ounce, extending its outperformance against Bitcoin so far this year.
Credit: Source link
