Data indicates a shift in Bitcoin market sentiment to fear following a retrace, with BTC dipping to $58,000.
The 'Fear & Greed Index,' which measures investor sentiment using volatility, trading volume momentum, social media sentiment, market cap dominance, and Google Trends, currently reads 39, suggesting slight fear.
Over the weekend, Bitcoin's value surged beyond $60,000 but has since dropped, causing sentiment to reset toward fear.
Historically, Bitcoin has moved against the majority's expectations, where extreme fear may indicate potential bottoms and extreme greed potential tops.
Despite slight fear, current sentiment may not heavily impact investor morale, suggesting a pullback could still occur.
BTC's price has decreased by over 3% in the past day, settling at $58,100.
