The bitcoin fear and greed index is at all time low of 5 out of 100, reading extreme fear.
Personally, I am feeling it as well. My sentiment is lower now than it was even last November when we lost the $6k support.
Two things that are bothering me the most:
1) No new money coming in; the run-up was mostly people un-tethering and selling off alts to buy their BTC back. The run-up failed to create FOMO and there was very little media attention.
2) It seemed inevitable that we would break the recent resistances and get back to ATH. All the popular traders were pointing out the VPVR and how it's "hot air" and "price discovery" above $12k. Hope was soaring. However, unknown forces are apparently intent on keeping the price down, and with every lower high, more and more people are changing their mindset to "next time it rises, I'm selling". Now it looks like a prolonged bear market again and little chance of getting back to ATH any time soon, if ever.
The run to $13k happened too fast, IMO. Instead of slowly building momentum and a long-term uptrend, it looked like another bubble, and nobody wants to buy into another bubble and be left bagholding for yet another year.
The volume lately is pathetic as well. If we're really in a bull market, that last drop should have had massive buy volume.
They say this is the best time to buy; extreme fear and red on the charts. IDK biz, what do you think? Hard to imagine being long on BTC right now. I wouldn't be surprised at all if it tanks even deeper if/when bakkt actually launches either.