Bitcoin plays a significant role in deciding the market conditions and controlling the bullish and bearish status of the market. It is called Bitcoin Dominance, and as of now, that is elevated to a three-year high.
Today, the fear and greed index is at 55, a neutral position between the greed and Fear zone.

The market has also entered a correction zone after being bullish for months.

During these bullish months, Bitcoin surged to an all-time high of $73,750.07. As of now, the Bitcoin price has dropped about $61K mark, causing the fall of the overall crypto market.