Bitcoin has slipped below a crucial short-term level, coinciding with the Fear & Greed index dropping to 28, its lowest point since March, indicating extreme fear in the cryptocurrency market. Over $1 billion in crypto positions have been liquidated amid this downturn. Despite the current market anxiety, some analysts anticipate a potential bullish rebound, referencing historical patterns where similar conditions have led to swift recoveries. As October nears, market participants are hopeful for macroeconomic and technical shifts that could influence a turnaround.