Bitcoin's Price Plummets to Extreme Fear Level Amidst Rate Hike Fears

Bitcoin's price has been on a downward spiral in recent days, with the cryptocurrency's Fear & Greed Index hitting an extreme fear level of 8. This comes as investors are worried about the potential for a Federal Reserve rate hike, following a stronger-than-expected US jobs report.

Despite this bleak outlook, Strategy Inc. has been making bold moves in the Bitcoin market. The company purchased $101 million worth of Bitcoin between June 1 and June 7, bringing its total holdings to 845,256 units. However, in a surprising move, Strategy also sold 32 Bitcoin to cover dividend payments on its preferred shares, sparking questions about its intentions.

The market's selling pressure has been relentless, with ETF outflows reaching a record high of $4.4 billion over the past 13 days. This has led to a significant drawdown in Bitcoin's price, which is currently trading near $62,825. However, some analysts believe that the current levels may be a turning point for the market.