Bitcoin (BTC-USD) hovered near $76,000 per coin on Sunday, with some strategists warning that the recent sell-off may not be over yet as investors appear unwilling to buy the dip.
The world’s largest cryptocurrency fell sharply over the weekend, reaching its lowest level since April last year and posting its fourth consecutive monthly loss.
The decline coincided with President Trump’s announcement on Friday of his choice of Kevin Warsh to lead the Federal Reserve when Jerome Powell’s term ends in May, with markets viewing the nominee as hawkish.
Ethereum (ETH-USD) and other digital tokens also fell, joining gold (GC=F), silver (SI=F) and other metals that plunged on Friday, extending losses late Sunday.
A report from 10X Research on Sunday night said that with Bitcoin now approaching support at $73,000, “current flows suggest a meaningful shift in sentiment.”
The firm’s strategists noted that flow and positioning data suggest “investors are not yet ready to buy the dip.”
“While sentiment and technical indicators are approaching extreme levels, the broader downtrend remains intact,” the researchers wrote. “In the absence of a clear catalyst, the urgency to intervene is not high.”
The firm noted that traders remain focused on deleveraging and position unwinding rather than preparing for a typical rally rally.
The pressure on digital assets reflects broader vulnerabilities across the cryptocurrency market. Aside from a brief rally last month, Bitcoin has been struggling since whale selling and forced liquidations swept the industry in October.
After a disappointing 2025, Bitcoin is down more than 12% so far this year, while Ethereum has also plummeted 23% since the beginning of the year. Cryptocurrencies have lost a total of about $1.7 trillion in market value, or about 39% from last year’s peak, according to 10X Research.
Fundstrat’s Sean Farrell said on Friday that the mid-$70,000 area is a logical support area given that $74,000 was the intraday low during the tariff-driven sell-off in April 2025, while around $76,000 is consistent with digital asset finance giant Strategy’s (MSTR) Bitcoin cost base.
“While I remain skeptical that the $70,000-ish range represents the ultimate low for the year, investing is a game of probability and risk-reward,” Farrell wrote on Friday.
“As we look to selectively redeploy capital, the region is starting to look more and more attractive in relative terms,” he added.
Ines Ferre is a senior business reporter at Yahoo Finance. Follow her on X: @ines_ferre.
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