Breaking: Bitcoin falls below $75,000 as selling pressure intensifies

• Bitcoin fell below $75,000 on Monday, sliding to its lowest level in nearly ten months.
• Momentum indicators continue to weaken, pointing to intensifying bearish pressure and reinforcing the deteriorating technical outlook.
• From a technical perspective, price action suggests Bitcoin could retest the $70,000 psychological support if selling pressure persists.

Bitcoin (BTC) slipped below the $75,000 level on Monday after posting an almost 11% decline over the previous week, falling to its lowest level in nearly ten months. Market momentum has decisively turned bearish, with technical indicators signaling the potential for further downside toward the $70,000 support zone.

Bitcoin may retest the $70,000 level if the correction extends

Bitcoin extended its sell-off at the start of the week, falling more than 2% on Monday after a decline of over 11% the previous week. At the time of writing, BTC is trading below $75,000, a level not seen since early April.

If Bitcoin maintains its downward trajectory, the correction could deepen toward the next major psychological support at $70,000.

On the daily chart, the Relative Strength Index (RSI) is hovering near 21, signaling strong bearish momentum and deeply oversold conditions. In addition, the MACD produced a bearish crossover on January 20, which remains in place, with expanding red histogram bars below the zero line—further reinforcing the negative technical outlook.

BTC/USDT daily chart

Conversely, a recovery could see Bitcoin push toward the key psychological level at $80,000.

More than $700 million in liquidations over the past 24 hours

Bitcoin slid to levels not seen since early April, triggering a sharp wave of liquidations across the crypto market. More than $700 million in leveraged positions were wiped out over the past 24 hours, according to Coinglass.

Long positions accounted for 77.39% of the liquidations, highlighting the market’s overly bullish positioning. The single largest liquidation occurred on Hyperliquid, where a BTCUSD position worth $15.46 million was forcibly closed. Ethereum (ETH) also experienced significant pressure, with nearly $270 million liquidated in the last 24 hours.

Traders should remain cautious, as continued price weakness could spark further liquidations, particularly among highly leveraged participants.

Sources: Manish Chhetri