Bitcoin is nearing the potential largest price drawdown of its current bull market, with a notable 26.62% decline from its all-time high of $109,500. This figure, while significant, is less severe compared to previous bear markets where Bitcoin faced an 83% drop in 2018 and a 73% drop in 2022. Analysts suggest that the current market conditions might impede a swift recovery, especially as the NASDAQ 100 remains flat year-on-year, historically correlating with slower Bitcoin growth. Furthermore, data reveals that Michael Saylor's firm, having invested $35.65 billion in Bitcoin, did not purchase additional BTC during the recent downturn, with their holdings showing only a 17% return over five years. Currently, Bitcoin tests crucial support levels around $74,000, with daily demand zones between $65,000 and $69,000 being critical for market stability. The weekly relative strength index (RSI) hit a low of 43, previously indicating a potential price recovery in late 2023 to early 2024, but if it drops below 40, bearish sentiment may dominate.

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