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Bitcoin (BTC-USD) hovered near $76,000 per token on Sunday with some strategists cautioning that its recent sell-off may not be over as investors seem reluctant to buy the dip.
The world’s largest cryptocurrency dropped sharply over the weekend to reach its lowest level since last April, and notch its fourth straight month of losses.
The move lower coincided with President Trump’s announcement on Friday selecting Kevin Warsh to lead the Federal Reserve when Jerome Powell’s term ends in May, a nominee markets view as hawkish.
Ether (ETH-USD) and other digital tokens also slid alongside gold (GC=F), silver (SI=F) and other metals which crashed on Friday, with losses extending on Sunday evening.
With bitcoin now nearing a $73,000 support level, “current flows suggest sentiment has shifted meaningfully,” said a 10X Research note on Sunday night.
The firm’s strategists pointed to flow and positioning data, which indicates “investors are not yet positioned to buy the dip.”
“While sentiment and technical indicators are approaching extreme levels, the broader downtrend remains intact,” wrote the researchers. “In the absence of a clear catalyst, there is little urgency to step in.”
The firm noted traders remain focused on deleveraging and position unwinds rather than on preparing for a typical snapback rally.
Pressure on digital assets reflects broader fragility across the crypto market. Aside from a brief bounce last month, bitcoin has struggled since October, when whale selling and forced liquidations swept through the industry.
Bitcoin is down more than 12% year to date after a disappointing 2025, while ether has also plunged 23% since the start of the year. Altogether, cryptocurrencies have lost roughly $1.7 trillion in market value, or about 39% from last year’s peak, according to 10X Research.
Sean Farrell of Fundstrat last Friday said the mid-$70k region stands out as a logical support zone, given that $74K was the intraday low in April 2025 during the tariff-driven selloff, while around $76K aligns with digital asset treasury giant Strategy’s (MSTR)’s bitcoin cost basis.
“While I remain skeptical that the mid-$70k range represents the definitive low for the year, investing is a game of probability and risk-reward,” wrote Farrell on Friday.
“As we look to selectively redeploy capital, this region is beginning to look increasingly attractive on a relative basis,” he added.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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