The Bitcoin market sentiment has slipped into a deeply bearish zone, mirroring the state during the sell-off wave in November last year, despite a significant price correction in late January, where the market is attempting to stabilize.

Data shows that the number of negative comments related to Bitcoin has surpassed positive comments for the first time in the past two months, a trend that intuitively reflects the growing pessimism among retail traders following the sharp decline in coin prices.

Previously, Bitcoin had cumulatively dropped about 16% since January 28, with prices once dipping to around $74,500, followed by a phase of rebound. In the past 48 hours, the coin price has shown initial signs of stabilization, currently rebounding to around $78,700, with a daily increase of just over 2%, but the price still remains well below the previous short-term psychological support level of $80,000.

The daily chart of Bitcoin shows signs of being oversold.

Technical indicators further highlight the intensity of the recent sell-off, with Bitcoin's 14-day Relative Strength Index (RSI) dropping to around 29, firmly in the oversold region and close to levels that historically accompany short-term rebounds.

During the price dip to $74,500, market trading volume increased, indicating a capitulation-style sell-off rather than a gradual decline. However, subsequent buying pressure remains limited, making it difficult for the price to recover the lost support range of $80,000-$85,000.

From the current market perspective, the price has started to rebound with reduced volume, and a slight pullback near $78,200 could be a buying opportunity, targeting around $80,000. A stable breakthrough could lead to a focus on the $82,000 level.

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