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Bitcoin price continues to suffer massive losses. The crypto market is falling into a bloodbath. Various factors are converging that are negatively impacting BTC and other cryptocurrencies. Following a shocking nomination by the US President, a shift in the stock market is driving further losses. BTC drops below $70,000 – why this threshold is now crucial.
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Bitcoin price drops below $70,000
The Bitcoin price continues to fall. In the early hours of today, BTC reached below $70,000 for the first time since November 2024. Since reaching its all-time high of $126,200 in October 2025, the cryptocurrency has fallen by 44 percent.
- Bitcoin
(BTC) - Price $66,986.00
- Market Cap
$1.33 T
Deep red figures currently characterize the crypto market. Bitcoin is recording daily losses of 6.82 percent. Weekly losses amount to 19.50 percent.
Comparing the market leader’s performance over the past few days with other representatives of the crypto market, Bitcoin is not an exception, but the rule.
For example, Ethereum has lost about 29 percent of its market value over the week and is consequently trading at $2,093. XRP drops by 27 percent over the week to $1.35.
Why the $70,000 threshold is crucial for BTC
The $70,000 threshold could prove decisive for Bitcoin’s short-term price development – a conclusion reached by CoinGecko founder Bobby Ong. In the last cycle, BTC reached its all-time high here. Therefore, strong resistance should form to prevent further declines.
“It wouldn’t surprise me if we tested the $70,000 support at some point. This $70,000 threshold better hold, as this was the high of the previous cycle. We usually don’t fall below the high of the previous cycle,” Ong argued on Sunday.
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However, compared to Bitcoin’s historical developments, the losses could be much higher than the current -44 percent since the valid all-time high.
“Percentage-wise, we are far from the bottom. A 70 percent drop (which is normal) would bring us to about $38,000. Hopefully, this 70 percent price crash won’t happen,” Ong continues.
Why crypto is in deep fear
The CMC Crypto Fear & Greed Index shows an enormous shift in sentiment over the past few days. The index now rates the sentiment at 11 out of 100 points. The crypto market is therefore in deep fear. As recently as mid-January, the crypto market had approached a bullish sentiment.
Why has the positive sentiment in the crypto market suddenly vanished so quickly? According to CoinShares’ assessment, many negative factors are currently impacting Bitcoin and other cryptocurrencies.
As early as the beginning of the week, CoinPro reported on the asset manager’s assessment. The nomination of the new FED chairman by US President Donald Trump, in particular, had a negative impact, CoinShares argued.
Trump named Kevin Warsh as his candidate for the FED board. If all goes according to plan, Warsh will take office in May, replacing current chairman Jerome Powell, who has been in a months-long dispute with Trump over the future of monetary policy.
Trump is calling for a weak US dollar to boost the country’s industry and finance new spending. But this is precisely the sticking point, as Warsh is considered a proponent of a strong US dollar.
Additional factors are also at play. For example, some large investors are currently distancing themselves from crypto, as the market could fall into a bear market if it continues to develop as usual.
Recently, technology stocks recorded losses, which CNBC attributed to a new update by AI developer Anthropic. Crypto may have a correlation with this sector.
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