Sentiment in the cryptocurrency market has fallen to extreme lows, which could lead to the formation of a "durable bottom" and a reduction in selling pressure, analysts at Matrixport stated.
📊Today’s #Matrixport Daily Chart — February 17, 2026 ⬇️
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Bitcoin Sentiment Hits Extreme Lows ⁰— Durable Bottom Are Emerging?
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Experts noted a widespread pessimism among investors. Matrixport's own fear and greed index signaled stabilization: the 21-day moving average dropped below zero and began to turn upward.
This shift indicates a depletion of selling pressure. Historically, deeply negative sentiment values have provided attractive entry points. However, analysts cautioned about the potential for further price declines in the short term.
"Given the cyclical relationship between sentiment and price dynamics, the market is likely approaching a turning point," Matrixport stated.
Similar metrics were observed in June 2024 and November 2025 after sharp market declines. The popular fear and greed index from Alternative.me also fell to its lowest since June 2022, registering 10 points out of 100.
Should Bitcoin close February in the red, it would mark five consecutive months of losses, the longest streak since 2018.
Source: CoinGlass.Frank Holmes, chairman of mining company Hive, pointed out the record oversold condition of the leading cryptocurrency. The asset is trading two standard deviations below its 20-day average, a situation that has occurred only three times in the past five years.
— HIVE Digital Technologies (@HIVEDigitalTech) February 16, 2026
"Historically, such extremes have favored short-term rebounds within the next 20 trading days," Holmes explained.
He added that he remains optimistic in the long term due to strong fundamental indicators, despite the current market nervousness.
Recall that analysts at K33 Research suggested that Bitcoin's drop to $60,000 on February 6 was a local bottom before a consolidation phase. Standard Chartered also indicated a potential drop of digital gold to $50,000.