Bitcoin sentiment has dropped into Fear territory after a slide from about $79,000 toward $73,000. Analyst Willy Woo says fear without new price lows does not signal a bear market, while Raoul Pal and Kevin O'Leary point to liquidity and regulation as headwinds.
Willy Woo argues that Bitcoin's latest slump does not yet look like a bear market. In a November 12 post on X, the on-chain analyst said fear alone is not the same as price deterioration.
Fear returns, but price lows have not followed
Bitcoin has struggled to regain momentum after falling from approximately $79,000 toward the $73,000 region. Woo contends that historically, a bear market has combined fear with new price lows, and Bitcoin has not shown that pairing yet.
Sentiment, however, has shifted quickly. The Fear & Greed Index fell to 28, compared with 50 a week ago and 57 a month earlier, when it read Greed.
Support at $72,700 is the level to watch
Bitcoinist's outlook hinges on whether buyers can defend the support level near $72,700. A successful defense could encourage another attempt to reclaim $75,000.
If Bitcoin establishes support above $75,000, the next areas to monitor would be approximately $76,500–$77,500. A decisive breakdown below $72,700, on the other hand, could expose the market to additional selling pressure toward $71,000.
Pal and O'Leary cite liquidity and regulation
Other voices point to different pressures. Real Vision founder Raoul Pal says US liquidity has remained largely flat since July 2026, and he believes Bitcoin is still undervalued based on its long-term liquidity trend.
Investor Kevin O'Leary, meanwhile, says businesses are hesitant to adopt blockchain services and stablecoins because clear US regulatory guidelines are missing. He says the delay in passing the CLARITY Act adds to that uncertainty.
Bitcoinist says holding $72,700 and reclaiming $75,000 could offer the first meaningful evidence that bullish momentum is returning.
Sources: Bitcoinist, Coinpedia
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