Bitcoin slipped below the $75,000 threshold on Monday, extending its recent sell-off and falling to levels not seen in nearly 10 months. The move follows a steep correction of almost 11% last week, with technical indicators increasingly pointing to growing downside risk.
As selling pressure accelerates, market sentiment has shifted decisively bearish, leaving traders focused on whether the decline could stretch toward the key $70,000 psychological support.
Bearish Technical Structure Signals Further Downside
Bitcoin started the week down more than 2%, continuing a steady downward trend that has dominated price action since mid-January. At the time of writing, BTC remains firmly below $75,000, a level last observed in early April.
From a technical perspective, momentum indicators paint a weak outlook. The Relative Strength Index (RSI) on the daily chart has dropped near 21, signaling intense bearish momentum and deeply oversold conditions. While such levels can sometimes precede short-term bounces, they also reflect the strength of the current sell-off.
Meanwhile, the Moving Average Convergence Divergence (MACD) continues to reinforce the negative bias. A bearish crossover that formed on January 20 remains intact, with expanding red histogram bars below the neutral line—suggesting downside momentum has yet to fully exhaust.
If the current trend persists, analysts warn that bitcoin could slide further toward $70,000, a major psychological and technical support zone.
Liquidations Surge as Leverage Gets Flushed Out
The sharp drop below $75,000 triggered a significant wave of forced liquidations across crypto markets. More than $700 million in leveraged positions were wiped out over the past 24 hours, according to derivatives data.
Long positions accounted for roughly 77% of the total liquidations, highlighting how heavily skewed market positioning had become toward bullish bets. One of the largest single liquidations occurred on Hyperliquid, where a $15.46 million BTCUSD position was closed out.
The sell-off also spilled into the broader crypto market. Ethereum (ETH) recorded nearly $270 million in liquidations during the same period, underscoring the scale of deleveraging underway.
Can Bitcoin Recover, or Is $70,000 Next?
If buyers manage to reclaim control, bitcoin could attempt a rebound toward the $80,000 level, which now stands as a key resistance zone. However, until momentum indicators stabilize and liquidation pressure eases, the path of least resistance appears tilted to the downside.
For now, traders remain on edge as weakening technicals, fading momentum, and aggressive deleveraging keep bitcoin vulnerable to further volatility.
