$BTC just pushed the market into one of its most emotional phases in months
Fear & Greed collapsed to 11 while billions in leveraged positions disappeared almost overnight
At the same time ETF outflows kept building and sentiment across timelines turned aggressively bearish
Yet despite all the panic $BTC is still trading around the same key region the market has been defending closely
Moments like these tend to reveal more about positioning and liquidity than emotions alone
The next reaction around this zone will probably matter more than the headlines themselves