Bitcoin’s action this week is telling, not because it’s bullish, but because it speaks to sentiment exhaustion.
We just saw the Crypto Fear and Greed Index on CoinMarketCap hit some of its lowest levels of the year, and over the last 90 days has barely budged out of extreme pessimism.
Yesterday: Extreme Fear - 8
Last Week: Extreme Fear - 5
On December 15, 2018, BTC reached a low of $3,023 while the Fear & Greed Index registered 11.
On March 17, 2020, BTC hit $3,897 with the index at 8.
On June 18, 2022, BTC fell to $17,420, with the index reading 6.$
Most recently, on February 12, 2026, BTC traded around $67,293 while the Fear & Greed Index showed 5.
These readings aren’t noise. They reflect a market that’s been grinding lower with minimal conviction.
Since the recent breakdown attempts, $BTC has been dancing between key levels. The real story now is in the weekly close dynamics, will we confirm sub-60K pressure, or find enough support to push back toward 70K?
Here’s what stands out: The Fear & Greed Index signaling extreme fear often precedes volatility compressions, not immediate rallies.
Price behavior near macro support levels shows buyers aren’t capitulating wholesale, even amid fear.
But liquidity conditions remain tight and macro headwinds aren’t gone. This feels less like confirmation of a new leg and more like a market seeking balance between exhausted sellers and cautious buyers.
If BTC stabilizes above critical levels and fear begins to thaw, sentiment could improve quickly. If not, we stay range bound and choppy markets test conviction.
For now this is a narrative of relief, not manage risk. Observe how levels hold. And remember: markets turn not when fear disappears, but when selling pressure finally stops.
