Key takeaways
- The Crypto Fear and Greed Index dropped to 29
- BTC briefly plunged to approximately $73,708 over the weekend
- ETH dropped toward $2,120
The cryptocurrency market entered the new week under pressure after Bitcoin and Ethereum suffered sharp losses over the weekend. Investor sentiment also stayed firmly in fear territory due to regulatory uncertainty, security concerns, and renewed selling.
Overall, the latest downturn followed the US midterm elections and concerns surrounding the multibillion-dollar security breach at Binance.
Crypto Fear and Greed Index Shows Growing Anxiety
The Crypto Fear and Greed Index stood at 29 out of 100 on Monday, indicating Fear. This compared with 28 the previous day, 37 a week earlier, and 64 a month ago, when sentiment was firmly in Greed territory.
Crypto Fear and Greed Index (Source: alternative.me)
The index measures market sentiment using factors like volatility, trading momentum, social media activity, Bitcoin dominance, and search trends. Although fearful readings can sometimes precede recoveries, they do not necessarily indicate that the market reached a bottom.
Bitcoin Price Falls Below $74,000
Bitcoin struggled to maintain momentum throughout the weekend, and was trading around $75,700 on Saturday before selling pressure intensified on Sunday. The cryptocurrency briefly fell to approximately $73,708 during late Sunday trading, its lowest level since August.
Bitcoin subsequently recovered toward $75,000 early Monday, but the rebound did little to erase the broader weakness.
The $73,700–$74,000 is now an important area to monitor. A sustained recovery above $76,000 could improve short-term sentiment, while selling below the weekend lows could expose Bitcoin to even more downside.
Ethereum Price Suffers Steeper Weekend Losses
Ethereum experienced an even sharper decline. After trading close to $2,240 on Saturday, ETH came under considerable pressure on Sunday. Ethereum fell approximately 5% to $2,223 during the selloff.
Ethereum's weaker performance suggests investors were particularly reluctant to maintain exposure to higher-risk crypto assets.
The $2,100–$2,120 region is now an important near-term support area. A recovery above $2,240 could provide an early indication that selling pressure is easing.
What Comes Next for the Crypto Market?
With the Fear and Greed Index standing below 30, traders will be watching whether Bitcoin can stabilize above its weekend lows and whether Ethereum can recover lost ground.
Until buying momentum strengthens, the cryptocurrency market could stay vulnerable to some more volatility.
