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- Bitcoin (BTC) takes a nosedive into the $74-76k support range after the broad market Fear and Greed Index almost entered the “Extreme Fear zone.”
- 609.53 BTC is expected to get liquidated once the asset falls to $73k as the Whale vs Retail ratio reaches 0.15.
Bitcoin (BTC) recently lost major support, plunging below $83k to “find a resort” at a daily low of $74k, declining by more than 8% within the process. At press time, the asset had marginally surged to $76k but still maintained losses across all the major trading sessions.
In the last seven days, Bitcoin has declined by 6.9% and also fallen by 11% in the last 30 days. However, its 24-hour trading volume has impressively surged by 375% as $64.8 billion changes hands at press time.
Currently, the broad market Fear and Greed Index is approaching the Extreme Fear territory as the total market cap declines by 9.7% to reach $2.39 trillion at press time. According to market analysts, the Bitcoin price could further break down to $70k. Analyzing the current price chart, we found that the asset is struggling to overcome a local resistance trendline
For now, Bitcoin risks falling below the 50% Fibonacci level at $75,538 which is reported to align with the crucial demand zone. Breaking below the support range of $75,600 to $75,462 could see the asset plunging below the 50% Fibonacci level and targeting the 38.20% Fibonacci level at $69,699.
More About the Ongoing Bitcoin Price Behavior
Confirming the ongoing trend, a renowned on-chain analyst identified as DarkFost has highlighted a significant decline in confidence as whales largely bet on short positions compared to retail investors. The Whale vs Retail ratio is reported to be around 0.15.
Further exploring the liquidation map also shows the prevalence of major long liquidation moves. Once the Bitcoin price declines to $73,187, around 609.53 BTC would be liquidated. The Bitcoin Open Interest (OI) has also reached $52.30 billion after falling by 2.3%. According to our research, its volume has, however, recorded an impressive surge of 138%, reaching $149.95 billion.
Prior to this unexpected fall, renowned analysts, including ETF expert James Seyffart, had lauded its strong resilience compared to the stock market, which lost $3.25 trillion in just two days after the US announced its reciprocal tariffs. As discussed earlier, Seyffart admitted that no one believed that Bitcoin could hold above $80k amidst the broad market chaos.
Genuinely shocked a bit by Bitcoin’s resilience. Would not have guessed it would hold above $80k in this type of broader market selloff of risk assets. Hell — even Gold is down?
Regardless of the current bearish signals, popular crypto investor Mark Cuban has disclosed that Bitcoin is the best investment today.
As featured in our recent coverage, Cuban argues that Bitcoin has a better potential than the fast-declining US stocks. While this aligns with most experts’ positions, its ability to bounce back is reported to largely depend on the Bitcoin-based Decentralized Finance (BTCFi), as also explained in our last analysis.
