Bitcoin (BTC-USD) passed near $76,000 per token on Sunday with some strategists warning that its recent selloff may not be over as investors appear reluctant to buy the dip.
The world’s largest cryptocurrency fell sharply over the weekend to hit its lowest level since last April, marking its fourth consecutive month of losses.
The lower pace coincided with President Trump’s announcement on Friday that he has chosen Kevin Warsh to lead the Federal Reserve when Jerome Powell’s term ends in May, a designation markets view as hawkish.
Ether (ETH-USD) and other digital tokens also slid along with gold (GC=F), silver (SI=F) and other metals that crashed on Friday, with losses extending into Sunday evening.
With bitcoin now approaching a support level of $73,000, “current flows suggest that sentiment has changed significantly,” said a 10X Research note on Sunday night.
The firm’s strategists pointed to the flow and positioning data, which indicates “investors are not yet in a position 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, there is little urgency to step in.”
The firm noted that traders remain focused on deleveraging and reducing positions rather than preparing for a typical snapback rally.
The pressure on digital assets reflects wider fragility in the crypto market. Aside from a brief bounce last month, bitcoin has struggled since October, when whale sales and forced liquidations swept the industry.
Bitcoin is down more than 12% year to date after a disappointing 2025, while ether is also down 23% year-to-date. In total, cryptocurrencies have lost roughly $1.7 trillion in market value, or about 39% since last year’s peak, according to 10X Research.
Funstrat’s Sean Farrell last Friday said the mid-$70k region stands out as a logical support zone, as $74K was the intraday low in April 2025 during the fee-driven selloff, while around $76K aligns with digital asset giant Strategy’s (MSTR) bitcoin cost base.
“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,” Farrell wrote on Friday.
“As we look to selectively redeploy capital, this region is starting to look increasingly attractive on a relative basis,” he added.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow it on X above @ines_ferre.
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