Crypto Markets Today: Fear Grips Market as BTC Price Tests Support, Altcoins Weaken

Bitcoin hovered near $91,000 as market sentiment plummeted to 'extreme fear', evident through a Fear & Greed Index score of 15/100, marking the lowest point since April. This comes as BTC tests crucial support around $87,500, generating speculation about a potential bounce backed by historical bullish trends. The recent turmoil has resulted in over $1 billion in leveraged futures liquidations, predominantly affecting long positions. Privacy tokens experienced a notable sell-off, with double-digit declines. Meanwhile, derivatives tokens like ASTER and HYPE showed resilience, bucking the overall downtrend. The general market sentiment, compounded by increasing volatility, suggests traders are adopting a cautious approach. Despite the ongoing weakness and the broader market slump, many analysts remain vigilant for signs of recovery, emphasizing that past bull runs have included significant corrections without entering a prolonged bear market. The article discusses the broader implications of current market events as they unfold.

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