Bitcoin Hits Double-Digit New Low in Bear Market Early Hours, Still Holding Above $73,000 Without Breaking Down

The cryptocurrency market has experienced intense volatility, with Bitcoin dropping 7% in a single day and trading volume significantly reducing. The Fear and Greed Index has entered the "Fear" zone, and a key technical support level is facing a test. The market is entering a consolidation phase, and investors need to be vigilant against short-term fluctuations and long-term risks.

On February 19, Bitcoin's price volatility resulted in the liquidation of 142,439 investors, with market sentiment being pessimistic. Testing support levels could trigger further decline, with a worst-case scenario potentially dropping to $80,000.

The market may have entered a mild bear market.