Crypto market sentiment has fallen to extreme lows and could lead to a “durable bottom” that exhausts selling pressure, according to analysts at crypto financial services firm Matrixport. 

“Sentiment has fallen to extremely depressed levels, reflecting broad pessimism across the market,” said Matrixport in a note on Tuesday. 

Matrixport’s own Bitcoin (BTC) “fear and greed index” suggests that “durable bottoms” form when the 21-day moving average drops below zero and reverses higher, which is currently the case.

“This transition signals that selling pressure is becoming exhausted and that market conditions are beginning to stabilize.” 

However, Matrixport cautioned that prices could still decline further in the near…