Bitcoin briefly dips below $70,000 amid market turmoil

Bitcoin briefly fell below the $70,000 mark on Thursday as a wider sell-off in risk assets continued.

The move occurred at around 6:27 a.m. ET, marking the first time Bitcoin dropped below $70,000 since November 2024, News.Az reports, citing CNBC.

The cryptocurrency later rebounded from the dip and was trading at about $70,453.68 by 6:40 a.m. ET, according to data from CoinMetrics.

Some market observers have pointed to $70,000 as a critical technical level, warning that a sustained break below it could trigger further declines in Bitcoin’s price.

The drop followed a broad sell-off in U.S. technology stocks on Wednesday, a move that spilled over into cryptocurrencies.

At the same time, precious metals markets remained volatile, with silver plunging again on Thursday and gold coming under renewed pressure.

Ongoing liquidations have also weighed heavily on crypto markets. Liquidations occur when traders’ positions are automatically closed as prices hit certain levels. More than $2 billion worth of long and short cryptocurrency positions have been liquidated so far this week, according to data from Coinglass.

Bitcoin has been in a steady decline since reaching an all-time high above $126,000 in October. It is now trading roughly 40% below that peak, while other major cryptocurrencies, including Ether and XRP, have fallen even more sharply.

News.Az 

By Nijat Babayev