Worse than the Covid Crash? Bitcoin’s New ‘Record Low’ Signal Explained

Bitcoin falls below $90K as the MACD hits a record low, with analysts warning that a break below $87,200 could lead to a drop to $69,230.

Bitcoin has been under pressure after its biggest decline in history, according to analysts. Price action has cooled after a quick decline, while traders watch key levels to gauge the next move.

3-Day MACD Falls to Record Low

Michaël van de Poppe, a market analyst, noted that the recent drop in Bitcoin caused a new low in the 3-day MACD index. He said the incident “It was worse than the Luna crash of 2022, the COVID crash of 2020, or the bear market of 2018.“

#Bitcoin saw its biggest crash in commodity history.

MACD on 3-Day has never been so low.

The risk was worse than the Luna Crash of 2022, the COVID Crash of 2020, or the bear market of 2018.

When you shop during those times, every time you end up… pic.twitter.com/nhgT4Rn075

– Michaël van de Poppe (@CryptoMichNL) January 8, 2026

The MACD, which tracks momentum, has fallen more than in any previous cycle. It shows a sharp reversal from a high near $126,000 in October 2025 to a recent low above $85,000. At the time of writing, Bitcoin is trading around $90,000 (per CoinGecko data).

Despite the scale of the decline, the chart still shows a series of highs compared to previous bear market lows. This has kept the long-term bullish structure in place, although short-term sentiment remains cautious.

Bitcoin fell from $94,600 on Monday to a low of $89,300 on Thursday. It is mostly between $85,000 and $90,000. This range has held for several weeks, suggesting a pause in sales but no clear direction yet.

Furthermore, Van de Poppe described the current phase as one “boredom,” noting Bitcoin is holding above its 21-day moving average. He added, “Nothing to worry about,” if this support continues to hold. His chart shows the price hovering near $90,500 with a rising trend line below, giving the bulls some defensive ground.

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Important Levels to Watch Bitcoin

Currently, Bitcoin is in a neutral position. For it to get high pressure, it has to go above 92,000. If that level doesn’t come back, the price could drop to around $88,000, where there is a CME gap to close.

Commentator Ali Martinez warned,

“Bitcoin must hold above $87,200 to avoid a drop to $69,230.”

His daily chart shows an ascending triangle structure, but with a recent rejection at $92,750. A break below the lower trend line can cancel the pattern and remove the bias to the downside.

Some market participants point to sellers’ hedging as the reason for the tight price range. As CryptoPotato reports, major players are reportedly selling at price spikes and buying at dips, which keeps Bitcoin trading between $90,000 and $95,000. Strong resistance remains around the $100,000 mark.