Bitcoin dipped near $62,500 on Wednesday, extending a months-long slide that has now erased roughly half the crypto's value from its October 2025 record. The sell-off pushed the Crypto Fear and Greed Index to a reading of 10 — 'extreme fear' territory that has historically coincided with major market bottoms.
Extreme fear at 10
The index hit 10 on June 10, a day after touching 8 and down sharply from 47 a month ago. Bitcoin is down about 50% from its October 2025 record near $126,200. At the time of reporting, the largest cryptocurrency traded about 1.7% lower over the past 24 hours, with a market cap of roughly $1.25 trillion.
Historical bottoms
Extreme fear readings near the current level have marked significant turning points in past crypto cycles. The index hit similar depths near $3,000 in late 2018, around $4,800 in March 2020, and near $18,000 during the 2022 bear-market low. In each case, prices eventually rebounded substantially, though the timing varied.
Momentum and recovery signal
Momentum has fallen to the -1.00 floor after dropping below the +0.5 threshold before the price breakdown. Spot cumulative volume delta flipped to roughly negative 1,000. According to Swissblock, a recovery signal would come when momentum crosses back above -0.5 — a level that remains distant as selling pressure persists.
The next concrete marker to watch is whether momentum can climb above that -0.5 threshold. Until then, extreme fear rules the market.
