Bitcoin Price Tumbles Below $66,000 Amid Market Panic

Bitcoin's price plummeted below $66,000, sparking widespread selling and $1.86 billion in liquidations across the crypto futures market. According to data from CoinGlass, nearly 280,000 traders were affected by the market downturn.

The Fear and Greed Index, a widely followed metric that gauges market sentiment, plummeted to 11 points, indicating an 'extreme fear' zone. This shift in sentiment is attributed to a decrease in retail investor optimism, with many now expecting Bitcoin's price to fall below $60,000.

Analysts at Santiment note that social media sentiment has turned predominantly bearish, with traders anticipating further declines in the cryptocurrency's value. In contrast, small investors have been increasing their holdings, indicating a potential buying opportunity for those willing to take on risk.