The market\u2019s 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.<\/p>\n
Data <\/a>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\u2011off 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.<\/p>\n Augustine Fan, a partner at Hong Kong\u2011based crypto options platform SignalPlus, said <\/a>to Bloomberg that confidence among traders has sunk to extremely low levels, further contributing to the ongoing sell-off.\u00a0<\/p>\n 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\u2011market conditions.<\/p>\n Some analysts warn that Bitcoin\u2019s weakness could persist. Alex Thorn, head of research at Galaxy Digital, said recent price action suggests <\/a>Bitcoin may continue to drift lower in the coming weeks or even months.\u00a0<\/p>\n He pointed to the 200\u2011week 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\u2011term volatility.<\/p>\nBitcoin May Drift Lower For Months<\/h2>\n
Bearish Bets Build\u00a0<\/h2>\n