The leading cryptocurrency Bitcoin (BTC) entered the new week with sharp decreases on Monday, June 13. Bitcoin, which caused concern by falling below the 25 thousand dollar level after the UST and LUNA crisis last month, could not hold on with the subsequent recovery and fell below this critical level in the new week.

After Bitcoin lost its support of 25 thousand dollars, while the concerns in the market increased, Bitcoin, which regressed to the 20 thousand dollar band on June 15, lost this support at the end of the week and went down to the 18 thousand dollars band. As Bitcoin lost value, increasing concerns were also reflected in the Fear and Greed Index. The index hit its lowest level since August 2019.

Btc bitcoin risk drop

Bitcoin price depreciation has exceeded 30% in the last 1 week. After these losses of Bitcoin, which fell below the level of 20 thousand dollars shortly before the weekly closing, the Bitcoin Fear and Greed Index decreased to 6 levels. Previously, in August 2019, the index in question had seen the level of 5. The current level represents the lowest level seen since then. This shows that there is an “extreme fear” zone in the markets at the moment.

After the Bitcoin Fear and Greed Index lasted to the historical low point seen 3 years ago, Bitcoin fell below the $ 20 thousand region, which was shown as an extremely important region because it was the ATH region of the period, and saw the level of $ 18,740. With the price gradually decreasing to alarming levels, the predictions made by Arthur Hayes, the former CEO of BitMEX, came to mind recently. Based on the trade volume, which will decrease at the end of the week, Hayes said that Bitcoin could hang below $20,000 and Ethereum (ETH) below $1,000.