The Fear and Greed Index, a popular Bitcoin sentiment indicator, has now plunged into the "extreme greed" territory with 25 points out of 100.
This is the first time in 18 months that the index has recorded such an extremely low reading.
Last time this happened, the cryptocurrency market was still trying to get back on its feet following the shocking collapse of the FTX exchange.
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Now, the cryptocurrency market has been hit by Mt. Gox repayments as well as a non-stop selling spree by the German state of Saxony.
On Thursday, the price of the leading cryptocurrency surged to $59,516 due to lower-than-expected US inflation data that reviewed hopes of multiple rate cuts this year.
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However, Bitcoin's attempt to break through the $60,000 resistance level ended up being a failure.
The cryptocurrency has been hit by another strong bout of selling by Saxony. On Thursday, it sent another $286 million worth of BTC to various trading platforms. The good news? The state has almost no Bitcoin left to sell. It now holds less than 10% of the coins that were originally confiscated from the Movie2k website back in January.
A steady stream of Bitcoin exchange-traded fund (ETF) inflows is likely to improve the current sentiment. On Thursday, these products logged nearly $79 million worth of fresh money, with BlackRock's IBIT accounting for the vast majority of the sum.
At press time, Bitcoin is changing hands at $57,246, according to CoinGecko data.
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