Bitcoin hovers near $77,000 with 'broader downtrend intact'

Core Insights - Bitcoin (BTC) is currently trading near $76,000, experiencing a significant sell-off and marking its fourth consecutive month of losses [1][4] - The recent decline in Bitcoin's price coincided with the announcement of Kevin Warsh as the new Federal Reserve leader, which is perceived as a hawkish move by the markets [2] - Overall, the cryptocurrency market is under pressure, with Bitcoin down over 12% year-to-date and Ether (ETH) down 23%, contributing to a total market value loss of approximately $1.7 trillion, or 39% from last year's peak [4] Market Sentiment and Positioning - Current market flows indicate a meaningful shift in sentiment, with investors not yet positioned to buy the dip, suggesting a cautious approach [3] - The broader downtrend in the market remains intact, and without a clear catalyst, there is little urgency for investors to re-enter [3] - Traders are currently focused on deleveraging and unwinding positions rather than preparing for a potential market rebound [3] Support Levels and Investment Strategy - The mid-$70,000 range is identified as a logical support zone, with $74,000 being the intraday low during a previous sell-off and $76,000 aligning with major holders' cost basis [5] - There is skepticism regarding whether this range represents the definitive low for the year, but it is viewed as increasingly attractive for selective capital redeployment [5][6]