Bitcoin Faces Extreme Fear as Crypto Sentiment Hits Three-Year Low Amid Market Turmoil

The latest update from COINOTAG on March 2 indicates that the **Crypto Fear Index** has plummeted to a near three-year low, dipping below the critical **20** mark. This decline in investor sentiment recalls the turmoil of July 2022, following Bitcoin’s significant drop to around **$17,500**. During that period, the crypto market experienced severe distress, with Bitcoin’s value contracting over **37%** in June 2022, which thrust market confidence into an extreme state of fear. Presently, a confluence of factors, including a steep decline in Bitcoin’s valuation, ongoing **regulatory challenges**, and vulnerabilities within the security infrastructure of various exchanges, has recreated this unsettling sentiment among investors. A forex analyst from **Bitfinex** elaborated that these dynamics have collectively fostered a climate of deep unease. Nevertheless, some analysts are forecasting that Bitcoin may find stable support within the **$72,000 to $80,000** range as the market seeks equilibrium.