Bluekurtic Market: The BTC market is again in extreme fear mode, the $60,000 zone is key in terms of option expiry.

Analysts #BluekurticMarket citing data from #Coinmarketcap note that the fear and greed index for the crypto market has moved into the extreme fear zone against #BTC at $66,000. Against this backdrop, attention shifts to the $60,000 level, where, according to #Coinglass, around 196,000 put contracts with a nominal value of approximately $13 billion are concentrated.

When such a volume of paths accumulates at one level, the market begins to view it as a potential point of acceleration. If the price approaches the level, participants begin to hedge more actively, which often increases volatility (which, let us remind you, was at a minimum all of last week).

Extreme fear often emerges closer to the final phases of a correction, although it cannot be said that this guarantees the end. In such phases, #BTC may continue to trade within a range for some time, with periodic sharp movements in both directions.

For now, it can only be said that a possible breakout above $60,000 is capable of increasing pressure. And if the market consolidates below, the risk of a cascading movement will indeed rise. Because there will be:

- triggering of stops,

- strengthening of hedging,

- pressure from shorts,

- possible deterioration of sentiment regarding the spot.

Let's see how the situation develops in the coming days. In any case, the truth on the surface for us is that the trend for BTC and the market as a whole remains bearish. Because it is bearish on the 3-hour timeframe according to our indicator. And to break it right now, it needs to return, approximately, above $68,000.