The market’s leading cryptocurrency, Bitcoin (BTC), slid to its lowest price level seen since November 2024 on Tuesday, falling below the $73,000 threshold. The asset dropped to around $72,900 as growing concerns about a prolonged bear market continued to weigh on investor sentiment.
Data from CoinGecko shows that BTC is down roughly 4% over the past 24 hours and about 15% over the last seven days. Yet, the sell‑off has not been limited to Bitcoin. Other digital assets have also come under pressure, with Ethereum (ETH) losing 25% over the past week and XRP falling approximately 17% during the same period.
Bitcoin May Drift Lower For Months
Augustine Fan, a partner at Hong Kong‑based crypto options platform SignalPlus, said to Bloomberg that confidence among traders has sunk to extremely low levels, further contributing to the ongoing sell-off.
He noted that volatility, which had been trending lower for nearly a year, has finally picked up as traders rushed to hedge their positions. According to Fan, markets are now firmly operating in bear‑market conditions.
Some analysts warn that Bitcoin’s weakness could persist. Alex Thorn, head of research at Galaxy Digital, said recent price action suggests Bitcoin may continue to drift lower in the coming weeks or even months.
He pointed to the 200‑week moving average (MA), currently near $58,000, as a potential downside target. He added that there is a noticeable supply gap between the $70,000 and $80,000 range, which could add to near‑term volatility.
Bearish Bets Build
Market analyst DarkFost observed that funding rates on the Binance platform have moved into what he described as an “extreme zone,” signaling a buildup of short positions and a growing bearish consensus among traders.
Nonetheless, as of this writing, Bitcoin has briefly recovered from Tuesday’s lows, currently trading just above $75,000. From a technical perspective, DarkFost identified two key price levels now in focus for the leading cryptocurrency: resistance around $74,000 and support near $69,000.
Featured image from DALL-E, chart from TradingView.com
