All of that fear and panic of last week… just for the 190th worst day in the history of Bitcoin?

As we still crawl in the abyss of fear and panic that was created due to last week's highly accelerated volatility and really a sudden market "flash-crash", in which we saw BTC decline from the levels of $29k to the crucial support at just above $25.5k. Now that we are all calmed down a bit more, let's evaluate…

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Bitcoin daily RSI chart showing lowest level since 2020, picture from Will Clemente

The crash from $29k to $25.5k caused the volatility of BTC to increase rapidly, especially as we basically had no price movement at all for the month before. Above you can also see how the technical indicator, RSI, dropped to not only a multi-year low, but also the lowest level since the 2020 crash.

Bitcoin % Changer per day chart showing 190th worst day during last week, picture from James V. Straten

But all of that fear mongering really was not the absolute worst, at the end it just was the 190th worst day BTC had ever seen. That's basically nothing and still there was just so much fear and people were once again thinking to just paper-hand and call Crypto dead. Just shows once again of how impatient people can be, on our way to a bull market we won't be going on a straight line, instead on a bumpy road.