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Trader sentiment is verging on "extreme fear" as the Crypto Fear & Greed Index reveals indicators of the climate after the March 2020 crypto market cycles cross-asset crash.

Bitcoin (BTC) and altcoin traders are more nervous than any time in over a year as a classic sentiment gauge alerts "fear" is driving the market.

In line with the Crypto Fear & Greed Index, cryptocurrency traders have not had such chilly ft in regards to the market climate since April 2020.

March 2020 on repeat

Fear & Greed uses a basket of things to determine overriding sentiment amongst market participants and, therefore, where the market itself is probably going headed.

Price volatility can produce appreciable shifts in its readings - simply 4 days ago, on Monday, the Index measured 72/100, corresponding to "greed" being at the guts of sentiment.

Fast ahead to Friday, and a completely completely different image is obvious after Tesla rejected Bitcoin for alleged environmental injury and main change Binance sees attention from regulators. On the time of writing, Fear & Greed measured just 26/100 - firmly inside the "fear" zone and bordering "extreme fear."

The last time that the Index was so low was just weeks after the cross-asset crash that despatched BTC/USD to $3,600.

As Cointelegraph reported, nevertheless, this time around, Bitcoin seems to have weathered the storm, performing "very well" against an onslaught of sellers and trader liquidations.

"If the stock market can shrug off a world pandemic, I’m positive Bitcoin can survive a tweet," popular trader Scott Melker summarized.

Bitcoin strives to get again to "business as usual"

Analysts have already highlighted signs of a rebound setting in for Bitcoin, while certain large-cap altcoins managed to avoid the dip altogether.

"The Elon Dump now in recovery," statistician Willy Woo declared to Twitter followers on Thursday.

Woo highlighted inflows to exchanges turning to outflows as traders seemingly either purchased the dip or purchased back in after selling.

At the same time, stablecoin balances across exchanges proceed on their very own uptrend, providing huge potential liquidity should a bullish section reenter crypto markets.

Rafael Schultze-Kraft, co-founder of on-chain analytics useful resource Glassnode, also noted that funding rates had reverted to their conduct from earlier than the dip.

"That was fast: funding rates flipped optimistic again. Longs are back to paying shorts," he commented on an accompanying chart.