Bitcoin has experienced a significant downturn in the first quarter of 2026, dropping approximately 22% from its January opening of $87,700 to around $68,000. This marks the worst start to a year for Bitcoin since the 2018 bear market, when it fell nearly 50% in the first quarter, according to CoinGlass data. The decline reflects a broader risk-off sentiment in the crypto market, with macroeconomic headwinds and liquidity concerns weighing heavily on prices. Ether has also seen a substantial decline, losing about 34% in the same period, though its losses are less severe compared to Bitcoin. Analysts suggest that the current downturn is a routine correction rather than a structural breakdown, with institutional interest and halving-cycle dynamics potentially supporting a future recovery. Market participants are closely watching whether Bitcoin can reclaim the $80,000 level to reverse the negative trend.