Bitcoin $BTC ( ▲ 0.15% ) just slid to its weakest level since the day after the US election, erasing much of the optimism that followed the so-called “crypto president” rally. After briefly stabilizing from the weekend selloff, the token dropped again, dipping under $74,000 and breaking below levels seen during past tariff-driven market shocks.
Momentum has clearly flipped from euphoria to caution.
Bear Market Vibes Take Hold
Bernstein’s Gautam Chhugani said Bitcoin could still bottom around the $60,000 range before finding a more durable floor. Bitwise CIO Matt Hougan went further, describing the current stretch as a full bear market, though he added it may be nearing its end.
That shift in tone reflects how quickly sentiment has cooled. What looked like a steady climb just months ago now feels like a grind lower under mounting macro pressure.
Risk-Off Mood Is Hurting Crypto
Analysts at Bitfinex said capital is rotating toward cash and gold as investors brace for political and economic uncertainty. In that environment, crypto often acts as a high-beta risk asset rather than a safe haven.
They also pointed to weaker ETF demand, saying the lack of steady institutional buying has amplified volatility. When spot ETF inflows fade, there is less natural demand to cushion sharp drops, making every wave of selling hit harder.
For now, Bitcoin $BTC is trading less like a long-term narrative and more like a barometer for global risk appetite.