#加密市场观察 Fear and Greed Index Drops to 12, Bitcoin Halved: Is This "Crypto Winter" a Late Spring Cold Snap or an Ice Age?

First, the conclusion
As of June 28, 2026, the crypto market remains in a deep correction. Bitcoin is fluctuating around $60,300-$60,800, down about 53% from its all-time high of $126,080 in October 2025. Sentiment has been squeezed very low, and the short-term trend looks more like finding support rather than an immediate reversal. If you only need to watch one thing, keep an eye on the $60,000 and $58,000 levels.
I. Crypto Market Analysis
First look at the chart, then sentiment, and finally capital flows.
As of June 28, 2026, the overall crypto market is in a deep correction phase.
For Bitcoin, the current price is fluctuating around $60,300-$60,800; on June 26, the market experienced a broad sell-off, with Bitcoin falling over 3%, Ethereum dropping nearly 6%, and total liquidations across the network reaching $1.1 billion in 24 hours, with over 150k liquidated accounts. Bitcoin briefly broke below the $60,000 mark yesterday, the second time this month it has fallen below that level.
Ethereum weakened in tandem, falling to around $1,581. For altcoins, HYPE, XRP, Dogecoin, and others followed the decline; Solana and TRON held up relatively well, roughly flat at $72 and $0.32, respectively.
Sentiment: The Crypto Fear and Greed Index has fallen to 12-13, entering the "Extreme Fear" zone.
Capital Flows: Crypto ETFs have seen continuous net outflows, with the 30-day capital flow still predominantly net outflows.
Drivers: Geopolitical tensions, capital shifting to AI, the four-year crypto cycle, and the stalling of the U.S. Digital Asset Market Clarity Act in the Senate have all suppressed risk appetite.
II. How to Understand Key Support and Sentiment
Before positions break down, back-and-forth chopping is more common than a one-way decline.
BTC: Current price around $60,300-$60,800. If it loses $60,000 again, the next level to watch is $58,000.
ETH: Currently around $1,581, focusing on recovery in the short term.
Altcoins: HYPE, XRP, DOGE are all retracing, while Solana and TRON are relatively more stable.
Conclusion: The market is not without opportunities, but timing is more important. Wait for confirmation first, then consider participation.