Bitcoin fell below $70,000 for the first time since November 2024, impacted by a massive sell-off in riskier assets that has also hit global crypto markets.
The digital asset has fallen about 17% this week, putting it on track for its worst weekly performance since November 2022, with Ethereum and Solana also posting double-digit declines.
Market watchers are eyeing the $70,000 level as a key psychological level, with analysts warning that a failure to hold it could open the way for a drop to the $60,000 to $65,000 range.
The price decline was driven by a plunge in US technology stocks, volatility in precious metals, and a wave of forced disposals worth over $2 billion in the crypto market.
Data also showed institutional demand was waning, with US ETFs also doing the same and bitcoin breaking through its 365-day moving average. This indirectly raises the risk of further downside.
