On Tuesday, bitcoin slid to an intraday low of $62,525 per coin on Bitstamp, while roughly $156 million in BTC long positions were wiped out before the day was done. Bitcoin liquidations accounted for the lion’s share of the more than $400 million erased across the broader derivatives market. It’s been a punishing stretch, with BTC down 7.5% this week and 29.2% over the past 30 days, prompting fresh doubts about the asset’s once-touted ‘digital gold’ narrative.

“ Bitcoin is in a ‘not digital gold’ period,” the founder and CEO of Cryptoquant posted to X on Tuesday, as sentiment sinks to depths not seen since the 2020 implosions tied to Terra and FTX. Traders can hardly be blamed for their gloom: gold has climbed 74% against the greenback, leaving bitcoin in the dust, and Bloomberg reports that the metal has overtaken the U.S. dollar as the world’s largest global reserve asset.

Institutional flows are offering little comfort, either, as exchange-traded fund (ETF) outflows continue to stack up. “Most aggressive institutional net selling of Bitcoin EVER this last week,” Capriole.com founder Charles Edwards wrote on X. The large Hyperliquid/Hyperunit trader known as @Garrettbullish on X didn’t mince words, warning, “gonna be a long winter for everyone. not just crypto.”

Technical indicators are also flashing signs and bitcoin’s weekly RSI has just reached one of its lowest levels in history. “ Bitcoin is nearing all-time oversold territory,” Galaxy Digital’s lead researcher Alex Thorn wrote on X. Weekly RSI is lower than any time except the darkest of bears.” Thorn added:

“[The] only lower readings since 2016 are nov/dec 2018 when btc dropped from $6k to $3k and jun/jul 2022 when 3AC collapsed (and genesis went insolvent, we later learned).”

Source: Chart shared by Galaxy Digital’s Alex Thorn on Feb. 24.

The founder of checkonchain.com, Checkmate, argues that bitcoin is deeply oversold based on multiple models, with the worst of the price decline likely over despite potential for more sideways volatility. He advises ignoring bearish sentiment and consistently accumulating bitcoin at these temporarily low prices. “We’re in the bottom 20% of the most conservative, and bottom 5% of the most aggressive deviations from any sane anchor model,” he said.

Checkmate continued:

“Either bitcoin is dead, will no longer mean revert, and all your models are broken … Or you should be ignoring the bears, staying very humble, and quietly DCA stacking sats from here on.”

Moreover, the Crypto Fear and Greed Index (CFGI) hosted on alternative.me reveals that yesterday the gauge collapsed to an all-time low of 5 out of 100 — otherwise classified as “extreme fear.” As of today, Feb. 24, the CFGI reading has inched up to 8 out of 100, which still squarely qualifies as “extreme fear.” This reading is a stark indication that traders remain deeply uneasy about what may lie ahead.

Whether this episode marks a deeper structural shift or simply another brutal chapter in bitcoin’s cyclical history now rests on what happens next: capitulation or quiet conviction. With sentiment scraping historic lows, liquidations clearing excess leverage, and long-term models flashing extreme deviation, the market stands at a psychological crossroads.

For some, the breakdown challenges the ‘digital gold’ thesis; for others, it represents the kind of discomfort that has historically preceded recovery phases. As fear grips the tape and volatility lingers, one thing is certain — the coming weeks will test not just price levels, but investors’ belief in bitcoin’s long-term trajectory.

• Why did the Crypto Fear and Greed Index drop to 5?
  The index fell to a record low of 5 due to bitcoin’s sharp weekly decline, heavy liquidations and rising institutional selling pressure.
• What does extreme fear mean for bitcoin’s price?
  Extreme fear signals widespread bearish sentiment, which has historically appeared near market bottoms but does not guarantee an immediate rebound.
• How much was liquidated during bitcoin’s recent drop?
  Roughly $414 million in crypto positions were wiped out in one day, including about $140 million in bitcoin longs.
• Is bitcoin considered oversold right now?
  Several analysts point to bitcoin’s historically low weekly relative strength index ( RSI) as evidence the asset is approaching deeply oversold territory.

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