Bitcoin’s price has put in another interesting performance over the past week as global uncertainty persists in the broader financial markets. However, the $74,000 resistance level once again proved unyielding as the major cryptocurrency gave it another spin as the weekend approached.
Investor sentiment in the Bitcoin market appears to be deteriorating over time, while bullish momentum appears to be waning after the latest rejection. In fact, recent data on the chain shows that sentiment is at a low not seen in almost four years.
BTC Fear & Greed Index drops to 10% for the first time since 2022
In a March 13 post on the X platform, crypto analyst Axel Adler Jr revealed that the Bitcoin Fear and Greed Index has continued its decline in recent weeks. The Fear and Greed Index is an on-chain indicator that measures sentiment in the crypto market and reflects some aspect of investor behavior.
Typically, the index ranges from 0 to 100 (often in percentage terms), with higher values often indicating extreme greed and overheating market conditions. Meanwhile, a lower value of the Bitcoin Fear & Greed Index indicates extreme fear and skepticism among investors.
According to Adler Jr. shared data from CryptoQuant, the 30-day average Fear and Greed Index has fallen to 10%, a level of pessimism seen during the market-wide crash caused by the COVID-19 pandemic and the collapse of the Terra (LUNA) ecosystem. As shown in the chart below, the statistic has been declining since peaking above the 75th percentile in late 2025.
Adler Jr. wrote about X:
The sentiment is now deeply compressed. To stabilize the market structure, Bitcoin will likely need to regain higher price levels.
While an improvement in price performance could be key to improving market sentiment, the current level of the Fear and Greed Index could provide insight into Bitcoin’s near-term trajectory. From a historical perspective, the leading cryptocurrency has often shown a tendency to bounce back when market sentiment is at its lowest.
During the COVID-19 crash, Bitcoin price recovered from around $5,000 to a new all-time high after the Fear and Greed Index fell to around 10%. However, in 2022, the price of BTC only bottomed out after the collapse of the FTX exchange (a few months after the index reached the 10% level).
Essentially, the fact that the Fear and Greed Index is so low could mean that the market leader has reached or is close to reaching its bottom.
Bitcoin price at a glance
At the time of writing, BTC’s price stands at around $71,262, reflecting an increase of more than 1% in the past 24 hours.