Bitcoin (BTC) fell below $68,000 on Monday after briefly testing the $70,000 level over the weekend.
The cryptocurrency dropped to $67,268 during intraday trading, erasing gains from the prior day when it reached $71,700.
The decline came as market sentiment deteriorated sharply, with the Crypto Fear and Greed Index registering a reading of 8.
That level places the metric in extreme fear territory, where readings below 25 indicate widespread panic among investors.
Price Consolidation Continues
Bitcoin has traded within a range of $65,000 to $72,000 since early February, failing to establish sustained momentum in either direction.
The cryptocurrency peaked at approximately $126,000 in October 2025 before declining 46% to current levels.
Monday's 4% intraday decline wiped out weekend gains that had temporarily pushed bitcoin above $70,000. Trading volumes remained elevated at $17.94 billion over 24 hours.
The Fear and Greed Index hit an all-time low of 5 on February 6 before recovering slightly to current levels. Historical data shows similar extreme fear readings occurred during previous market bottoms in 2018, 2020 and 2022.
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Analyst Outlook Turns Cautious
Standard Chartered recently revised its year-end bitcoin price target to $100,000 from $150,000 while warning the cryptocurrency could test $50,000 before any sustained recovery begins.
Other forecasters have issued similarly conservative projections. JPMorgan anticipates bitcoin stabilizing near $77,000, while Canary Capital's analysts expect a prolonged consolidation period between $50,000 and $60,000 through 2026.
Technical analysts point to $60,000 as a critical support level that could determine whether bitcoin continues its decline or establishes a base for recovery. The 200-week moving average sits near that level, providing historical support during previous bear markets.
Despite bearish near-term sentiment, some market participants view current price weakness as a necessary deleveraging process following 2025's rapid appreciation. Bitcoin exchange-traded fund flows remain mixed, with U.S. products experiencing net outflows while international funds continue accumulating positions.
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