Bitcoin (BTC) has gone down 1.4% in the past 24 hours as it shed some of its early gains as we head to the beginning of the American session.
If today’s session closes in red territory, this would be the fifth consecutive day of losses for the top cryptocurrency.
In the past 7 days, BTC has lost 10.3% despite a wave of positive news coming out of the White House. On Friday, market participants went on a selling spree a day after President Donald Trump officially created a Bitcoin Strategic Reserve for the country.
Meanwhile, crypto prices kept plummeting during the weekend as market sentiment deteriorated even further.
The Fear and Greed Index has dropped to a new all-time low at 17, signaling that the market is now in “Extreme Fear” as the sell-off that started back in December does not seem to find a bottom.
BTC Liquidations Surpass $500M in The Past 24 Hours
BTC is still the best-performing asset in the top 5, with yearly losses of 10.5% compared to 36% and 31% that altcoins like Ethereum (ETH) and Solana (SOL) have experienced in 2025.
However, BTC is touching a key psychological support during today’s session at $80,000 and trading volumes have surged by 163% in the past 24 hours.
A break below this marker accompanied by such high volumes may indicate that the downtrend could accelerate over the next coming days as most of the President’s expected pro-crypto policies have been approved by now.
A total of $512 million worth of BTC long positions have been wiped in the past 24 hours, according to data from CoinGlass. At least a quarter of that total evaporated in the past 4 hours.
Traders were likely positioning for a significant spike in BTC price after Trump’s crypto reserve announcement. However, as it tends to happen, the market acted counterintuitively and short-sellers made a killing by triggering a cascade of stop-loss orders that likely exacerbated the decline.
Now, BTC is nearing a critical support area at $78,175, which will help determine what will happen to the token in the next few days.
A bounce above this marker will likely result in the resumption of the rally that started on Sunday and it could propel BTC to the $93,000 level in the near term.
However, momentum indicators are favoring a different outcome as the Relative Strength Index (RSI) sent a sell signal yesterday.
Meanwhile, the MACD’s histogram shows that negative momentum has accelerated amid today’s drop. This confirms a bearish outlook for BTC and it is highly likely that the token will retest its $78,175 support shortly.
In the meantime, a new meme coin called BTC Bull Token (BTCBULL) has emerged to reward BTC maximalists who expect that the top crypto asset will soon recover above $100,000.
BTC Bull Token (BTCBULL) Introduces Novel Milestone-Based Reward Mechanism
BTC Bull Token (BTCBULL) is rapidly becoming one of the best crypto ICOs of the year as it has raised $3.5 million from investors less than a month after its presale event was launched.
This meme coin offers a milestone-based reward mechanism tied to the performance of Bitcoin (BTC). The presale event was launched as BTC hovered and consolidated above $100,000.
BTC HODLers know that the latest weakness is just a bump in the road as multiple tailwinds, including the President’s pro-crypto stance, favor a bullish outlook for BTC.
BTCBULL compensates token holders for every $25,000 that BTC jumps above the $100K mark. For every $25,000 BTC gains, a portion of the meme coin’s circulating supply will be burned to foster scarcity – which should lead to a short-term price increase.
Meanwhile, for every $50,000 that BTC adds to its price, eligible wallets holding BTCBULL will receive a direct BTC airdrop. This meme coin offers passive income to BTC holders, while its price should also appreciate once it is listed on exchanges.
To buy $BTCBULL, just head to the BTC Bull Token official website and connect your wallet. You can either swap ETH, USDT, or BNB, or use a bank card to make your investment.
