The Bitcoin market sentiment has slipped into a deeply bearish zone, mirroring the state during last November's sell-off, although prices are attempting to stabilize after a significant pullback in late January.

Data shows that the number of negative comments related to Bitcoin has surpassed positive comments for the first time in the past two months, which intuitively reflects the growing pessimism among retail traders following the dramatic price drop.

Since January 28, Bitcoin has cumulatively fallen by about 16%, with prices once dipping to around $74,500, followed by a phase of rebound. In the past 48 hours, the price has shown initial signs of stabilization, currently rising to around $78,700, with a slight daily increase of just over 2%, yet the price remains well below the previously established short-term psychological support level of $80,000.

The Bitcoin daily chart 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) having fallen to around 29, firmly residing in the oversold zone and close to historical levels that typically accompany short-term rebounds.

During the price drop to $74,500, market trading volume simultaneously increased, indicating that a capitulation-style sell-off occurred 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, prices are beginning to rebound on lower volume, and minor pullbacks can be seen as a buying opportunity near $78,200, with a target around $80,000, and a stable breakout could look towards the $82,000 level #BTC☀ $BTC $ETH .