Extreme fear is pushing traders to sell all risk assets together: stocks, commodities , and crypto. The Crypto Fear & Greed Index is heading back into the “extreme fear” zone, and funding rates data from Coinglass confirmed the majority of market participants expect shorting to be a profitable next trade.

If prior March lows and already very negative sentiment are any indication, the level of $38,000 could likely hold. If it doesn’t the next major support level is around $36,000. If the market turns, major resistance stands at $40,000.