Bitcoin Price Plummets Below $65,000 as Market Sentiment Reaches New Lows

Bitcoin's price has been under pressure in recent days, with a low of $64,258 recorded on February 23. The Crypto Fear & Greed Index hit an all-time low of 5/100, indicating extreme fear in the market.

The drop below $65,000 has led to increased selling pressure, with whales dominating inflows on exchanges and old coins flooding back onto platforms. This has resulted in a surge in supply and a decrease in demand, putting downward pressure on the price.

On-chain data is also showing bearish signals, including an alarming confluence of indicators that replicate the 2022 bear market pattern. The upcoming release of the January Producer Price Index (PPI) may add further pressure to the market.