Bitcoin fell back below $67,000 on Wednesday before rallying again after receiving a boost from NFP data. The early decline today continues a period of high volatility that began with a drop to $60,000 last week. This has indirectly sparked debate about whether the crypto market has found a bottom.
Data from Santiment shows investor sentiment remains bearish despite the rebound, with retail traders reluctant to buy at current levels while large-cap holders seem to be taking advantage of the opportunity to accumulate holdings as fears mount.
Short-term pressure was evident as the drop below $67,000 wiped out about $127 million in long positions in four hours. BTC is now down nearly 13% in a week and over 27% in a month, with the price level remaining well below the highs reached in October 2025.
While seven-day volatility has surged to its highest level since 2022, the 30- and 90-day measures suggest the turmoil may still be short-term.
From a technical perspective, Bitcoin has closed below its 100-week moving average for three consecutive weeks, a pattern seen in previous bear markets. Some analysts describe the current price structure as a consolidation range between $57,000 and $87,000.
Macro factors such as weak US retail sales have also contributed to the cautious sentiment, although some in the industry believe that real adoption could strengthen long-term sentiment even if prices remain weak in the near term.
