Bitcoin price plunged below the Bitcoin Rainbow Chart’s lowest “Basically a Fire Sale!” band for only the second time since the FTX collapse, while the Fear and Greed Index sank to 12.

Bitcoin continues June with a dip below $70,000, its first since mid-April, as crypto markets spark $800 million in liquidations over 24 hours.

The jump signals return of fear after two months of calm market sentiment.

Bitcoin price analysis sees a collapse in the Crypto Fear & Greed Index as a "good sign," with a BTC price relief bounce due.

Bitcoin trades at $65,853 as the Fear & Greed Index hits 11. ETF outflows, $1.8B in liquidations, and $50K calls dominate crypto.

The selloff has triggered demand for protective options plays, pushing the fear gauge higher.

Bitcoin price has tumbled to its lowest level in months Wednesday night, crashing below $62,000 and wiping out a sharp intraday loss of more than $5,300.

Bitcoin price plunged below the Bitcoin Rainbow Chart’s lowest “Basically a Fire Sale!” band for only the second time since the FTX collapse, while the Fear and Greed Index sank…