The price of bitcoin (BTC) in U.S. Friday morning trade has rebounded to around $84,000 after experiencing a drop to the $78,000 range overnight. However, it is still down more than 15% from its level just one week ago.
The Crypto Fear & Greed Index, which measures market sentiment, briefly dipped to 10, a level not seen since the depths of the 2022 bear market. It has since bounced back to 16, still indicating “extreme fear” and significantly lower than last week’s reading of 55, which was in the “greed” range. Levels above 75 are considered “extreme greed,” a level the index hasn’t reached since around the time of Trump’s inauguration.
Despite the Friday gain, bitcoin is still down over 1% from 24 hours ago, and the broader CoinDesk 20 Index is down approximately 2%.
Among the major cryptocurrencies, solana (SOL) is the only one in the green, with a 5% increase. This comes as the CME announced plans to introduce SOL futures to its crypto platform on March 17. However, SOL is still down 36% over the past month and remains below pre-November election levels.
While traditional stock markets are closed on weekends, the crypto market operates continuously. However, traders may be hoping for a break given recent market volatility.
Standard Chartered’s Geoff Kendrick noted that weekends have not been favorable for bitcoin lately, with prices often declining. However, there is a contrarian perspective that suggests risk assets could rally over the weekend, considering that macro risks, such as President Trump’s tariff stance, may already be priced in. If a deal averting or delaying the tariffs were to be reached, it could potentially benefit the market.
Overall, the market remains uncertain, and investors should be prepared for continued volatility in the coming days.
