Bitcoin Tests $76,400 as Crypto Fear & Greed Index Falls to Lowest Since August
Key Takeaways
- •Bitcoin lost roughly 4% to 5% of its value over 24 hours, touching approximately $76,400, which analyst Darkfost identified as a six-week low near $76,500.
- •More than $1.6 billion in leveraged positions were forcibly liquidated within a day after a reported $6.3 billion security breach on Binance, one of the largest cryptocurrency exchanges by trading volume.
- •The Crypto Fear & Greed Index fell from 51 to 30 in a single day, its lowest reading since mid-August, but still sits above the extreme fear threshold of 25.
- •Among the few gainers, PEPE rose 5%, SKY climbed 4%, and Bitcoin Cash added 2% with stronger buy-side flow than most large-cap assets, while M, PUMP, ENA, and sENA fell 8% to 9%.
- •Santiment indicated that holding above $76,400 and reclaiming $80,000 would signal easing panic, whereas a decisive move below $76,000 would sustain risk-off conditions and isolated altcoin gains alone would not confirm a broader recovery.
Bitcoin dropped to approximately $76,400 while more than $1.6 billion in cryptocurrency positions were liquidated within 24 hours, as the Crypto Fear & Greed Index slid from 51 to 30 — its lowest reading since mid-August, though it remains above the extreme fear threshold of 25. Liquidations occur when exchanges forcibly close leveraged positions whose losses exceed posted margin, converting borrowed exposure into forced selling.
The selloff swept through crypto markets during Halloween week after a reported $6.3 billion security breach on Binance — one of the largest cryptocurrency exchanges by trading volume — triggered widespread selling. Ethereum also weakened, slipping below $2,200. Santiment Intelligence and analyst Darkfost tracked the decline, which was accompanied by a steep deterioration in market sentiment.
Bitcoin's Slide Spreads Across Major Crypto Assets
According to Santiment, Bitcoin's slide dragged most major digital assets lower. The token touched roughly $76,400, while Darkfost placed its six-week low near $76,500. Bitcoin lost around 4% to 5% of its value over 24 hours.
Santiment nonetheless identified PEPE, SKY, and Bitcoin Cash (BCH) as among the few assets trading higher. PEPE gained 5% after exploit-related selling disrupted several tokens, SKY rose 4%, and BCH added 2%. The analytics firm said Bitcoin Cash had recorded stronger buy-side flow than most large-cap assets.
Other tokens faced heavier losses during the selloff. M fell 9%, while ENA and sENA each declined 8%. PUMP also dropped 9%.
Fear Index Hits Its Lowest Level Since August
The price declines coincided with a sharp shift in investor sentiment. Darkfost noted on X that the Crypto Fear & Greed Index fell from 51 to 30 in a single day, marking its lowest reading since mid-August. The gauge condenses prevailing market mood into a single score running from 0, representing extreme fear, to 100, representing extreme greed.
The analyst emphasized that a reading of 30 does not qualify as extreme fear, a category that requires the index to fall below 25. As a result, the analyst said fear could persist for some time.
Darkfost also distinguished the latest decline from selloffs driven by deteriorating market fundamentals, attributing part of the selling pressure to the Binance incident. The analyst added that previous periods of pessimism had often coincided with accumulation zones — price ranges traders view as favorable for building positions.
Santiment Points to $76,400 Support and $80,000 Recovery Level
Santiment set $76,400 as Bitcoin's key downside marker and $80,000 as its recovery level. According to the firm, holding above the reported low while reclaiming $80,000 would indicate that panic is easing.
Conversely, a decisive move below $76,000 would keep the market in risk-off conditions. Santiment added that isolated altcoin gains would not be sufficient to prove a broader market recovery.
Source: Cryptofrontnews
