The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The cryptocurrency market has descended into a state of panic selling as Bitcoin plummeted over 10%, driving the Fear & Greed Index to a reading of 11. This sharp decline, which saw the price break below the $68,000 threshold, marks the lowest sentiment level in two months. According to reports, there are mounting concerns of further downward momentum if the price dips below the critical $62,000 support level.
These aggressive moves coincide with macroeconomic pressures impacting risk appetite, as U.S. GDP growth slowed to 1.6% in Q1, missing the 2% forecast per market data from May 28, 2026. Compared to peers, Ethereum has faced similar selling pressure alongside record ETF outflows, reinforcing the prevailing bearish sentiment across the digital asset sector per market data.
Investors are now monitoring liquidity levels as Bitcoin tests crucial support zones, with the price trading near $61,850 (close of May 29, 2026). Looking ahead at the economic calendar, market participants are focused on the speech by Fed's Kashkari scheduled for May 29, 2026, seeking any monetary policy clues that could stabilize the current liquidation wave in digital assets.
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