Bitcoin: Sentiment Index Hits Most Bearish Since May 2

Bitcoin faces renewed pressure after the Cryptoasset Sentiment Index printed its lowest reading since May 2, echoing the extreme pessimism last seen after the FTX collapse.

Traders now watch whether this capitulation phase produces a durable floor or extends the corrective move that began earlier this year.

Price sits at $64389.41 inside the Bollinger Bands while the 4h RSI at 20.12 signals deep oversold conditions and the MACD death cross at -2284.19 confirms the bearish trend structure below both the EMA50 at $70973.43 and EMA200 at $75214.83; a bounce toward the upper band near $74657.84 remains unlikely until price first reclaims the EMA50 resistance.

This setup forces institutional desks to reassess near-term BTC price prediction models and tighten risk parameters ahead of any potential crypto market crash continuation.