Key Insights:

• Following a range-bound Saturday, bearish sentiment gripped the crypto market on Sunday, with bitcoin sliding by 3.4% to sub-$21,000.

• There were no crypto news headlines to provide direction ahead of several key economic indicators this week.

• The Bitcoin Fear & Greed Index avoided sub-20/100 with a modest decline to 22/100.

On Sunday, bitcoin (BTC) slid by 3.41%. Following a 0.05% decline on Saturday, bitcoin ended the week up 8% to $20,847.

Bearish throughout the session, BTC fell from an early high of $21,591 to a late low of $20,671.

The reversal saw BTC slide through the Major Support Levels to wrap up the day at sub-$21,000 for the first time in four sessions. The Sunday reversal also marked a third consecutive day in the red.

With no weekend cues for the crypto market to consider, investors looked ahead to several key economic indicators due this week. These include US inflation numbers (Wed), US weekly jobless claims and wholesale inflation figures (Thurs), GDP numbers from China (Fri), and US retail sales figures (Fri).

Another spike in US inflation could force the Fed to deliver a 75-basis point rate hike following the Friday NFP numbers. Retail sales figures (Fri) could muddy the waters, however.

From China, weak GDP figures could test market risk sentiment and bitcoin support.

Going into the Monday session, we can expect the crypto market to track the NASDAQ, with no economic indicators for investors to consider today.

At the time of writing, the NASDAQ 100 Mini was down 47 points.

Bitcoin Fear & Greed Index Avoids Sub-20/100 Despite Sell-Off

This morning, the Fear & Greed Index slipped from 24/100 to 22/100. Easing fears of a recession and the less hawkish Fed minutes continued to support the move towards the “Fear” zone that begins at 25/100.

On Sunday, however, a bearish session left bitcoin at sub-$21,000 to peg the Index back.

While easing back from the highest level since a May 5, 27/100, a resumption of the upward trend would indicate a marked shift in investor sentiment.

A bitcoin return to the “Fear” zone at 25/100 remains the key for the bitcoin bulls.

The Index last sat in the “Fear” zone on May 5, when bitcoin stood at $36,630.

Bitcoin (BTC) Price Action

At the time of writing, BTC was down 0.71% to $20,700.

A mixed start to the day saw BTC rise to an early high of $20,852 before falling to a low of $20,671.

Technical Indicators

BTC needs to move through the $21,035 pivot to target the First Major Resistance Level (R1) at $21,401 and test resistance at the Sunday high of $21,591.