Bitcoin has moved below several closely watched price levels, adding pressure to an already fragile crypto market. According to CryptoQuant analyst Darkfost, as Bitcoin dropped to around $67,000, short-term holders who entered at an average price near $94,200 were left facing unrealized losses of almost 28%. The analyst noted that this extended period of trading below investor cost basis resembles the stress-heavy opening phases seen in the last two major crypto bear markets.
A major source of weakness appears to be the fading flow of fresh capital. During stronger market phases, pullbacks are often met with aggressive dip-buying. That pattern now seems to be giving way to faster exits from existing positions. Market observers say net inflows from new participants are no longer enough to absorb selling pressure, a condition often associated with the early stages of a bear cycle.
Technical breakdown shifts focus to lower support
From a chart perspective, analyst Daan Trades Crypto pointed to Bitcoin’s break below the key 0.382 Fibonacci retracement level. Losing that line weakens what many traders had viewed as part of a broader cyclical structure. As a result, the next major support area is now being watched around $57,800, corresponding to the 0.618 Fibonacci retracement. Without stronger buying demand, the market may continue probing lower zones.
Long-term accumulation offers a more constructive view
Even so, not all analysts believe the current decline marks the end of bullish momentum. Bitfinex analysts described the move as a “mid-cycle reset” rather than a terminal breakdown. They pointed to evidence that long-term holders have resumed accumulation after months of distribution, bringing total reserves to 14.3 million BTC. That renewed buying by larger and more patient holders suggests the current pullback could still represent a broader market correction instead of a full structural collapse.
During the Asian session, Bitcoin traded around $67,200, still under persistent selling pressure. Ethereum looked even weaker, slipping below the psychologically important $2,000 level and falling as low as $1,950, near levels last seen in March 2025. While that does not yet mark a fresh post-crash low after April 2025, recovery across the altcoin market remains limited.
Overall, analysts broadly agree that without a renewed influx of capital, lower support tests are likely to continue. Risk appetite has notably deteriorated since Bitcoin fell below $66,000. In the near term, macroeconomic releases and any meaningful institutional activity are likely to play a central role in determining the market’s next direction.