The last time investor sentiment dropped to similar levels was a month after Bitcoin fell to $17,500 in 2022.
Bitcoin may see a brief correction to the $72,000 support as an imminent market recovery remains limited by a lack of crypto investor sentiment, which has dropped to lows not seen since 2022.
Bitcoin (BTC) price hit an over three-month low of $78,197 on Feb. 28, falling over 28% from its record high of over $109,000 reached on Jan. 20.
Bitcoin may experience a deeper retracement toward the “low $70,000’s range as the market repositions,” according to Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo.
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