Bitcoin has slipped to its lowest level in about two months, reopening debate over whether the move is a normal correction or the start of a longer bear phase. From a recent peak near $98,000, the asset fell to roughly $83,000 in about two weeks, a drop of around $14,700 or nearly 15%. The decline has started to weigh on investor confidence.
Selling pressure builds while safe-haven demand stays muted
The move lower has not been framed as a single shock event in the source material. Instead, it reflects steady selling pressure over time. Even with a weaker US dollar, Bitcoin failed to attract notable safe-haven flows, a detail that supports the view that the current slide is tied more to market-cycle behavior than to a macro trigger alone. Trading conditions look cautious. Buyers have not shown strong conviction.
On-chain data and technical indicators point in the same direction. Liquidity inflows are weakening, buyers remain careful, and trading volumes across the broader crypto market are shrinking. Altcoins have also stayed weak, adding to pressure on Bitcoin and reinforcing the wait-and-see tone across the market.
$80,000 seen as the near-term line, $74,000-$75,000 watched below
Analysts cited in the source describe $80,000 as an important psychological threshold. Whether Bitcoin can hold above that band is likely to shape the short-term outlook. If price action weakens below it, attention may shift to the $74,000 to $75,000 range, which is being watched as a notable historical support area.
Benjamin Cowen compares the pullback to earlier cycle downturns
Crypto analyst Benjamin Cowen said the recent retreat resembles prior market cycles and argued that Bitcoin may already have entered a bear market. He pointed to a pattern in which Bitcoin tends to top in the final quarter of cycle years and then move into a downtrend that is not heavily influenced by news flow. According to the source, that timing pattern appeared in 2013, 2017, 2021, and 2025.
Cowen also said Bitcoin may have peaked in October 2025 and has been trending lower since then. He drew a close comparison to the slow and quiet decline seen in 2019, adding that a durable recovery would be difficult without better liquidity conditions.
Historical bear-market length points to a longer weak phase
The article notes that Bitcoin bear markets have generally lasted about one year. The drawdowns in 2018 and 2022 roughly fit that pattern. If the current cycle continues to weaken, the pressure could extend into late 2026. Historical scenarios mentioned in the source suggest Bitcoin could retrace to $50,000, while a more severe sell-off could bring the $30,000 range back into focus.
The source also states that the material does not constitute investment advice. For now, liquidity conditions and buyer participation remain central to the market’s next move.