Worse Than the Covid Crash? Bitcoin’s New ‘Record Low’ Signal Explained

Bitcoin has been under strain after its largest decline in history, according to analysts. The price action has cooled after a rapid drop, while traders watch key levels to gauge the next move.

3-Day MACD Falls to Record Low

Michaël van de Poppe, a market analyst, noted that Bitcoin’s recent decline triggered a new low on the 3-day MACD indicator. He stated that this drop “was heavier than the 2022 Luna crash, the 2020 COVID crash, or the 2018 bear market.”

The MACD, which tracks momentum, has fallen further than in any past cycle. It reflects a sharp reversal from highs near $126,000 in October 2025 to a recent low just above $85,000. At the time of writing, Bitcoin is trading around $90,000 (per CoinGecko data).

Despite the scale of the drop, the chart still shows a series of higher lows compared to past bear market bottoms. This has kept some long-term bullish structure in place, though short-term sentiment remains cautious.

Bitcoin dropped from over $94,600 on Monday to below $89,300 on Thursday. It has mostly stayed between $85,000 and $90,000. This range has held for several weeks, suggesting a pause in selling but no clear direction yet.

Moreover, Van de Poppe described the current phase as one of “boredom,” noting Bitcoin is holding above the 21-day moving average. He added, “Nothing to worry,” if this support continues to hold. His chart shows the price hovering near $90,500 with a rising trendline below, giving bulls some ground to defend.

Crucial Levels to Watch for Bitcoin

At the moment, Bitcoin is in a neutral zone. To get the upward momentum, it has to move above 92,000. In case that level is not regained, the price may drift down to around $88,000, where there is a CME gap to be closed.

Analyst Ali Martinez warned,

His daily chart shows a rising triangle structure, but with a recent rejection at $92,750. A break below the lower trendline would cancel the pattern and shift bias to the downside.

Some market participants point to dealer hedging as a reason for the tight price range. As CryptoPotato reported, large players are reportedly selling into price spikes and buying on dips, which keeps Bitcoin trading between $90,000 and $95,000. Strong resistance remains around the $100,000 mark.

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