Bitcoin, the leading cryptocurrency, briefly dropped below $70,000 on Thursday around 6:27 a.m. ET. This marks the first time it has fallen below this key level since November 2024.
After this dip, Bitcoin bounced back slightly, trading at about $70,453.68 by 6:40 a.m. ET, according to data from CoinMetrics.
The recent drop in Bitcoin's price is part of a broader sell-off of risk assets, particularly in the technology sector in the U.S. This trend has also affected other cryptocurrencies and commodities.
In fact, traders have faced significant liquidations, with over $2 billion in long and short positions in cryptocurrencies being liquidated this week, according to Coinglass.
Bitcoin's price has been on a steady decline since reaching an all-time high of over $126,000 in October 2025. Currently, it stands about 40% lower than that peak.
Some market analysts are concerned that breaking below the $70,000 mark could lead to further declines, potentially pushing Bitcoin's price toward the $70,000 to $60,000 range.
Institutional demand for Bitcoin appears to have reversed. Reports indicate that U.S. exchange-traded funds, which previously purchased 46,000 Bitcoin last year, are now net sellers in 2026.
This indicates a shift in sentiment among institutional investors, who have been significant players in supporting Bitcoin's price.
Bitcoin has broken below its 365-day moving average for the first time since March 2022.
Following this breakdown, it has experienced a 23% decline over the past 83 days, which is worse than the early 2022 bear market phase. Analysts at CryptoQuant suggest that this technical movement could foretell further price drops.
