October ended with deep losses, marking the worst month for crypto in a decade. Traders hoped November would bring recovery, but instead, about $1.7 billion in leveraged positions were liquidated in a single day. Historically, November averages 42% gains for Bitcoin, but this year’s trend has sharply reversed as volatility grips the market.
The sudden market shakeout has shifted investor sentiment toward extreme caution. The CMC Crypto Fear and Greed Index shows a reading of 21, signaling Fear across the digital asset space. This marks a steep drop from 24 yesterday, 31 last week, and 62 last month, when optimism prevailed.
Market data reveals that the transition from greed to fear reflects ongoing uncertainty surrounding Bitcoin’s price stability. Over the past year, Bitcoin has fluctuated between $60,000 and $150,000, mirroring sentiment swings among traders.
The index’s yearly chart shows two extremes - a high of 88 (Extreme Greed) recorded on November 21, 2024, and a low of 15 (Extreme Fear) on March 11, 2025. Such volatility highlights how rapidly market emotions can shift within short periods.
As the index declines, traders appear more cautious, anticipating potential consolidation or corrective movements. Many are reducing exposure to high-risk assets as macro uncertainty persists.
The data also shows a close link between sentiment and Bitcoin’s price. When fear rises, trading volumes drop, while spikes in greed often accompany rallies. This correlation has historically guided traders in anticipating shifts in broader crypto momentum.
Could the renewed fear be the calm before the next major market move?
Technical analysis indicates Bitcoin may be entering a short-term correction before resuming its uptrend. The BTC/USD chart shows the price around $99,949, down 3.8% after reaching a daily high of $104,198. Analysts using the Elliott Wave model identify the structure as part of a five-wave pattern, projecting a potential rise toward $133,124 once the correction completes.
At the present time, it seems that Bitcoin is making Wave 4, with the support near the $87,469 and $74,464 levels where Fibonacci retracement zones intersect. If there is a recovery from those levels, it might set off Wave 5, which would target the price around $133,124.99 as a new high.
One of the indicators, the stochastic oscillator, indicates the market is in an oversold state, which implies that there is a possibility of a price rise. On the other hand, the Relative Strength Index (RSI) is still below the midline, but it is indicative of a period of consolidation before the price increase is in motion again. The trading volume has increased significantly, which is an indication of the ongoing struggle between the sellers and the possible buyers at the main support levels.
The larger framework remains unbroken as long as Bitcoin keeps on creating higher lows that have been established since the start of the year 2024. The moving averages are still in favor of the long-term uptrend, implying that a successful bounce back may prolong the rally towards the $130K-$135K zone — it would be a new cycle high and also the point for the next market growth.
Bitcoin’s drop below $100K and the Fear and Greed Index’s plunge to 21 mark a tense moment for crypto markets. With $1.7B in leveraged positions wiped out, analysts see potential for correction before recovery. Maintaining key supports could determine whether Bitcoin rebounds toward $133K or slides into deeper consolidation ahead.
Read More: Bitcoin Bounces Back: Is This the Perfect Dip to Buy?