Bitcoin fell to $61,556 today. The fear index just hit 12, the lowest since the FTX collapse.
The Rainbow Chart's 'Fire Sale' band just got breached. That hasn't happened since November 2022.
CryptoVibe Desk · bitcoin · market-sentiment · fear-and-greed
- →Bitcoin touched $61,556 on June 4, briefly trading below the Rainbow Chart's lowest valuation band, per Bitcoin Magazine.
- →The Alternative.me Fear and Greed Index sits at 12 today, deep in Extreme Fear territory, a level last seen during the FTX collapse in late 2022.
- →Watch whether bitcoin closes above $65,000 before June 7. Below that, the Rainbow Chart breach holds into a second week.
- Rainbow Chart → A long-term bitcoin price model that uses colored bands to show whether bitcoin looks historically cheap or expensive, based on a logarithmic curve of past prices.
- Fear and Greed Index → A score from 0 to 100 that measures how scared or confident the crypto market feels, using price moves, trading volume, and social media signals.
Bitcoin hit $61,556 on June 4, per CoinGecko. The 24-hour range ran from that low to $65,671. BTC sat near $63,465 at the time of this reading.
Bitcoin Magazine reported BTC dipped below the Rainbow Chart's "Basically a Fire Sale!" band. The Rainbow Chart is a log-scale valuation model, not live exchange data. The last confirmed breach of that floor was November 2022, when FTX collapsed.
The Alternative.me Fear and Greed Index showed 12 today. Yesterday it was 11. Last week: 22. Last month: 50. That is a fast drop in under 30 days.
Extreme fear readings below 25 are usually contrarian signals. At 12, this isn't ambiguous. The crowd is selling, not hedging.
The tape matches the story. No single catalyst is named in the data. No liquidation cascade flagged, no exchange incident. This is sentiment moving price.
If you're watching the dip, the number to watch is $61,500. A close below that extends the Rainbow Chart breach and removes the "bounce off the floor" read from the table.
BlackRock hasn't released spot bitcoin ETF flow data for today. That's the only number that matters right now: if institutional desks bought the fear spike, this dip reads very differently.
Watch whether bitcoin closes above $65,000 before June 7. Below that, the Rainbow Chart breach holds and the Fear index has no technical reason to recover before the weekend.
Primary links and supporting reads used by the desk for this story.
Forward this.
