Bitcoin hovers near $77,000 with ‘broader downtrend intact’
As Bitcoin (BTC-USD) hovered around $76,000 per token on Sunday, some strategists warned that the recent sell-off may not end as investors appear reluctant to buy into the dip.
The world’s largest cryptocurrency fell sharply over the weekend, reaching its lowest level since last April and its fourth straight month of losses.
This decline coincided with President Trump’s announcement on Friday that he would pick Kevin Warsh to chair the Fed when Jerome Powell’s term ends in May; Candidate markets view this situation hawkishly.
Ether (ETH-USD) and other digital tokens also suffered losses alongside gold (GC=F), silver (SI=F) and other metals falling on Friday, and the losses continued into Sunday evening.
With Bitcoin currently approaching the $73,000 support level, “current flows suggest sentiment has shifted meaningfully,” 10X Research said in a Sunday night note.
The firm’s strategists noted streaming and positioning data that showed “investors are not yet in a position to buy the dip.”
“While sentiment and technical indicators are approaching extreme levels, the overall bearish trend remains intact,” the researchers wrote. “In the absence of a clear catalyst, there is little urgency to engage.”
The firm noted that investors are focusing on deleveraging and position unwinding rather than preparing for a typical comeback rally.
The pressure on digital assets reflects broader fragility in the crypto market. Aside from a brief rally last month, Bitcoin has been struggling since October, when whale sell-offs and forced liquidations wreaked havoc on the industry.
Bitcoin is down more than 12% year to date following a disappointing 2025, while Ethereum is down 23% since the beginning of the year. Cryptocurrencies have lost about $1.7 trillion in total market value, or about 39% from last year’s peak, according to 10X Research.
Last Friday, Fundstrat’s Sean Farrell said the mid-$70,000 area stands out as a logical support zone, given that $74,000 was the intraday low in April 2025 during the tariff-induced sell-off, while around $76,000 is in line with digital asset treasury giant Strategy’s (MSTR) bitcoin cost basis.
“While I remain skeptical that the mid-$70K range represents the low of the year, investing is a game of probability and risk-reward,” Farrell wrote on Friday.
“As we try to selectively redistribute capital, this region is starting to look more and more attractive on a relative basis,” he added.
Ines Ferre is Yahoo Finance’s senior business reporter. Follow him on X @ines_ferre.
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