Market analysts pointed to rising retail stress, unusual bursts in social activity, and ongoing warnings of a deeper correction as pressure intensified across major cryptocurrencies.
Bitcoin briefly touched its lowest level since May on Sunday before trimming some losses, with sentiment across the market deeply entrenched in “extreme fear.” The Crypto Fear & Greed Index stayed pinned at 10 for a second straight day, reflecting the severity of risk aversion.
By 6:20 p.m. UTC, bitcoin (BTC: $92,115.54) was trading near $95,087, down 1% on the day after slipping below $94,000 earlier — a level not seen since May 6, according to TradingView.
Most major altcoins were similarly weak. Ether (ETH) fell 3.23% to $3,113, XRP dropped 2.1% to $2.21, BNB dipped 1.6% to $926.21, and solana (SOL) slid 3.6% to $137.79.
Analyst Ali Martinez warned that bitcoin’s break below a key price channel could open the door to a move toward $83,500. Separately, analyst Benjamin Cowen noted a newly formed death cross — a bearish signal where the 50-day moving average falls beneath the 200-day. He pointed out that similar events during this cycle have often aligned with local bottoms, but cautioned that bitcoin must bounce within the coming week to preserve the cycle structure. Otherwise, he said, another leg lower may come before any recovery toward the 200-day moving average. Cowen reminded traders to “trade the market you have, not the market you want.”
Adding to the broader macro narrative, strategist Charlie Bilello highlighted a dramatic performance gap between assets. Gold is up 55% this year, making it 2025’s strongest major asset, while bitcoin — up roughly 1% — has been the weakest. Bilello described the divergence as a mirror image of 2013 and said no previous year has ever shown such an extreme contrast.
Meanwhile, U.S. Treasury Secretary Scott Bessent said President Donald Trump’s plan to send $2,000 tariff-funded dividend payments to citizens would require congressional approval. The proposal had previously boosted market sentiment, with traders expecting potential increases in consumer spending and possible inflows into crypto once funds reached households.
Still, several indicators suggest the market may be nearing a point of exhaustion. Data from Santiment shows bitcoin’s social-dominance readings jumped to a four-month high during Friday’s brief drop below $95,000, signaling heightened retail fear. While such spikes have preceded reversals in the past, the firm cautioned they are not definitive signals.
In a rare positive development, MicroStrategy (MSTR) Executive Chairman Michael Saylor hinted at a new corporate bitcoin purchase. He posted “Big Week” on X alongside a screenshot from StrategyTracker, signaling that an official announcement expected Monday may inject a dose of optimism into an otherwise nervous market.
