Bitcoin Drops 10% Amid Bearish Sentiment, Support at $73,000

Bitcoin (BTC) has been on a downward trajectory since reaching its all-time high of $109,114.88 on January 20. The cryptocurrency has struggled to regain momentum amid persistent selling pressure and growing bearish sentiment in the market. Technical indicators now suggest a deeper correction, with $73,000 emerging as a critical support level, according to trading expert RLinda.

RLinda notes that Bitcoin’s global growth momentum has stalled, and the asset is moving into a deep correction phase. The market currently lacks liquidity, making it unsustainable for Bitcoin to grow solely at the expense of buyers and bullish leverage. The price is forming a short-term range between $90,000 and $82,000 after exiting a prolonged global consolidation phase.

The false break of the $91,000 resistance level, which previously served as a strong support, has resulted in further downside. BTC is now at risk of dropping to $82,000 and potentially $73,500 if selling pressure persists. Bitcoin has reached the lower boundary of its range, with $82,000 acting as a critical support level. A sustained breakdown below this point could accelerate losses, driving the price toward $78,000 and further down to $73,000. While the current trend points to further downside, Bitcoin may still attempt a short-term recovery by testing liquidity areas at $83,400 and $84,700 before resuming its downward movement. However, unless a strong bullish catalyst emerges, BTC remains at risk of falling toward the $73,000 mark.

Veteran trader Peter Brandt echoes this bearish outlook, noting a completed double-top formation at $108,100, which was followed by a bearish pennant retest. Now that the pennant pattern is complete, Bitcoin’s chart suggests a deeper correction unless it recaptures the $92,833 to $96,659 range. If BTC remains below this level, further losses toward $78,000 and beyond $75,000 appear likely.

At press time, BTC is trading at $83,293, having plunged 10% in