Main navigation

Bitcoin Enters “Extreme Fear” Zone as It Trades at $19,800

Sat, 09/03/2022 - 09:05
article image
Yuri Molchan
As Bitcoin got hit by the new unemployment report, investors found themselves in the zone of “extreme fear”
Bitcoin Enters “Extreme Fear” Zone as It Trades at $19,800
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The Bitcoin Fear and Greed Index invented by the team of portal shows that today, on September 3, the cryptocurrency market feels “extreme fear”. The index shows 21.

Until September 1, this index drifted between 30 and slightly above 20.

Image via CoinMarketCap

Bitcoin pushed into “extreme fear” zone

On Friday, August 2, the leading digital currency dropped from the $20,000 level it had managed to hold for a while and slumped a little, hitting the $19,800 area. It had made several attempts to regain $20,000 but Bitcoin failed to get fixed on that price line.

Prior to that, the regular jobs report came out with US unemployment data. Figures in it proved to be higher than expected – 3.7 percent versus 3.5 percent, which hit the stock market and cryptocurrency one along with it.

However, the non-farm payrolls showed 317,000 of added payrolls versus the 350,000 expected. This indicates that the Fed Reserve will hardly make a pivot from its current hawkish strategy.

The Fed chairman Jerome Powell spread the word about the continuation of the hawkish policy of the US central bank on August 26 in his speech to bankers. On that day, Bitcoin began its current slide and fell below the $21,000+ level.

Even though, the aforementioned index shows a low value, the team of the website warns that the time of “extreme fear” on the market can present a good buying opportunity for the asset.

Fake Crypto Trading Data Revealed by Forbes’ Research into 160 Exchanges

Will Bitcoin be pushed to $15,000?

As covered by U.Today earlier, chief investment officer of the AlphaTrAI fund Max Gokhman believes that the hard jobs unemployment report might cause a deeper Bitcoin decrease and BTC may fall as low as $15,000.

He also mentioned that the stronger than expected figures in the jobs report is likely to show that the Fed will continue its tight monetary policy, which is likely to kick Bitcoin harder down the price ladder.

Peter Schiff’s survey predicts deeper fall

Roughly a week ago, vocal Bitcoin critic, economist and fund manager, Peter Schiff launched a pall on his Twitter page to ask his army of followers if they expect Bitcoin to recover above $20,000.

However, he put it in the form of two questions – if Bitcoin will sooner run out buyers or will it run out of sellers. The majority of voices there believed that BTC would run out of buyers. Therefore, Schiff used this outcome to support his bearish expectation that the flagship cryptocurrency will keep declining.

Earlier this year, he tweeted that BTC is likely to test support below the $10,000 level.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at