Noticed that Bitcoin's rebound after dropping to $60K last week is already hitting a ceiling. Yesterday, it seemed to approach $74K, but the momentum is fading. Traders are discussing this as a classic bearish pattern — when the price bounces back, attracting new buyers, and then faces a wave of sell-offs from those wanting to exit at a better price.

The problem is that market liquidity has decreased by about 30% since the end of last year. Spot trading volumes on major exchanges have fallen from approximately $1 trillion to around $700 billion. This creates a vicious cycle: when selling pressure is even slight, the price can drop sharply because order books are thin. This triggers stop-losses, which cause even more liquidations, and the price begins to fluctuate by thousands of dollars per session without a clear bottom.

The Fear and Greed Index dropped to 6 over the weekend — levels seen in 2022 after FTX. Even now, when it has recovered to 14, analysts say that’s too low for confident buying. The key support level remains at $60K and the 200-week moving average. If Bitcoin cannot hold there, another downward test may occur. Retail investors are gradually leaving the market rather than panicking and fleeing, which means capitulation has not yet happened.