Analysis: The market is focused on whether extreme sentiment and oversold technical signals will trigger a new turning point.

PANews reported on February 17th, citing Cointelegraph, that current cryptocurrency market sentiment has fallen to "extremely depressed" levels, potentially nearing a "persistent bottom," with selling pressure likely to gradually ease. Data shows the Alternative Fear & Greed Index has reached 10 (out of 100), placing it in the "extreme fear" zone, its lowest level since June 2022. Some analysts believe that Bitcoin's current price is approximately two standard deviations below its 20-day moving average, a situation that has only occurred three times in the past five years. Historical data shows that in similar extremely oversold conditions, a technical rebound is more likely to occur within the following 20 trading days. If Bitcoin closes lower in February, it will record its fifth consecutive monthly decline, one of the longest losing streaks since 2018. The market is watching to see if extreme sentiment and technical oversold signals will jointly drive a new turning point.