Bitcoin sentiment has reached a new low for 2023, dropping to bear market levels, as indicated by its 'bull score index.' Despite the lackluster sentiment, some traders view this situation as a potential buying opportunity as Bitcoin showed resilience against a significant drop in the US stock market. While the S&P 500 declined markedly, Bitcoin maintained close to its breakeven point. The Bitcoin Value Days Destroyed (VDD) metric suggests a transitional phase, indicating potential consolidation or renewed accumulation, signaling a possible shift towards a 'risk-on' environment where investors might favor higher-risk assets like Bitcoin. The Crypto Fear & Greed Index also reflected extreme fear, hinting at a buying opportunity. As ongoing market uncertainties, particularly stemming from US-led trade tensions, persist, Bitcoin could benefit from these conditions as a hedge against traditional market volatility.

Source 🔗