The price of Bitcoin, the world’s leading cryptocurrency, dropped to a ten-month low on Monday, falling as much as 2.5 percent to approximately $74,541 amidst widespread digital asset and traditional market volatility.
This decline marks the cryptocurrency’s fourth consecutive monthly loss, its longest losing streak since 2018, and brings it nearly 40% below the record high above $126,000 it reached last year during a period of intense institutional adoption.
Okay News reports that the slump coincides with a sharp downturn in broader risk assets, including a historic plunge in the price of gold, signaling a shift in investor sentiment away from perceived inflation hedges.
Other major cryptocurrencies like Ether and Solana also saw significant declines, while data from Coinglass indicates nearly $600 million in bullish cryptocurrency trading positions were liquidated within a 24-hour period, amplifying the sell-off.
Technical analysts note that Bitcoin’s failure to hold key support levels has damaged its bullish market structure, with some chart patterns suggesting the potential for a further decline toward the $60,000 range.
A critical turning point was its sustained trade below the $80,700 level, which many market participants considered the “true market mean,” with the current price action now being interpreted as a corrective wave within a larger downward trend.
Institutional investment vehicles are reflecting the pressure, as data shows the average dollar invested in BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest spot Bitcoin ETF, is now in negative territory due to massive inflows during the asset’s peak.
This milestone coincides with approximately $1.1 billion in weekly withdrawals from Bitcoin-focused funds as some capital rotates into other assets, though MicroStrategy Executive Chairman Michael Saylor has publicly maintained a “buy the dip” stance for his firm’s substantial holdings.
Market observers suggest Bitcoin must reclaim the $80,500 level to signal a potential recovery, with the immediate focus remaining on broader economic indicators and institutional appetite in a fragile trading environment.
The cryptocurrency’s near-term trajectory is now closely tied to general market risk sentiment and upcoming policy decisions from the United States Federal Reserve, leaving investors defensive until clearer direction emerges.
