With Bitcoin sentiment at four-year lows, analysts have flagged historic oversold signals and potential seller exhaustion.
Crypto market sentiment has fallen to extreme lows and could lead to a “durable bottom” that exhausts selling pressure, according to analysts at crypto financial services firm Matrixport.
“Sentiment has fallen to extremely depressed levels, reflecting broad pessimism across the market,” said Matrixport in a note on Tuesday.
Matrixport’s own Bitcoin (BTC) “fear and greed index” suggests that “durable bottoms” form when the 21-day moving average drops below zero and reverses higher, which is currently the case.
