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.
Bitcoin May Drift Lower For MonthsHe 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.
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 BuildNonetheless, 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
