"How far will it fall?" Bitcoin loses support at $70,000

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[Financial News] The price of Bitcoin, the leading cryptocurrency, has failed to hold the $70,000 support level and has fallen into the $60,000 range. With this key support broken, analysts are now raising the possibility of further declines.
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\r\nAccording to cryptocurrency market data provider CoinMarketCap, as of 9:37 p.m. the previous day, Bitcoin was trading around $69,500, down 8.7% from 24 hours earlier. This is the first time since November 2024 that Bitcoin has fallen below $70,000.
Altcoins are faring even worse. Around the same time, Ethereum had dropped nearly 8% but was still holding around $2,000. BNB and XRP recorded double-digit percentage losses.
Market experts had long viewed $70,000 as a critical support level and warned that a break below it could trigger additional downside. The latest drop is seen as the result of selling in U.S. tech stocks spilling over into the cryptocurrency market. Prices of precious metals such as gold and silver have also become more volatile and are facing downward pressure.
Heavy liquidations of traders’ positions at certain price levels added to the pressure. Data from Coinglass shows that more than $2 billion worth of long and short positions have been liquidated in the cryptocurrency market this week.
Maja Vujinovic, head of digital assets at FG Nexus, appeared on CNBC’s "Worldwide Exchange" and commented, "The straight-line bull market that many people were hoping for has not yet materialized," adding, "Bitcoin is now trading based on liquidity and capital flows rather than pure expectations."
Selling by institutional investors has also been detected. CryptoQuant stated that "institutional demand has clearly reversed." According to CryptoQuant, while U.S.-listed spot Bitcoin ETFs were net buyers of 46,000 BTC last year, they have turned into net sellers in 2026.
CryptoQuant analysts noted, "Bitcoin has fallen below its 365-day moving average for the first time since March 2022 and then dropped 23% over the following 83 days," explaining, "This is an even worse pattern than at the start of the 2022 bear market."
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hsg@fnnews.com Han Seung-gon Reporter