BTC Fear & Greed Index signals bottom, but key indicators warn of more downside

While the extreme fear gripping the market could be interpreted as a bottom signal, bearish trends in the futures market and key technical indicators suggest the possibility of a further decline, Cointelegraph reported, citing multiple analysts. Crypto trader Michaël van de Poppe noted that the Bitcoin Fear & Greed Index fell to an all-time low of five over the weekend, and the daily Relative Strength Index (RSI) for BTC dropped to 15, entering an extreme oversold zone. He diagnosed these levels as similar to those seen during the 2018 bear market and the March 2020 COVID-19 crash. Meanwhile, CryptoQuant analyzed that BTC is currently trading below both its 50-day moving average (around $87,000) and its 200-day moving average (around $102,000). The firm added that the Z-score comparing BTC and gold prices is at -1.6, indicating that selling pressure continues to dominate.