Bitcoin slides below $71,000 to lowest level since October 2024

Bitcoin experienced a sharp downturn across early trading sessions this week, shattering the key psychological barrier of $71,000. This movement marks the cryptocurrency’s lowest price point recorded since October 2024, raising concerns about the strength of the recent bull run. The flagship digital asset, which had briefly touched highs near $74,500 just a week prior, saw intense selling pressure, pushing its value down by over 4% in a 24-hour window. As of 10:00 UTC, Bitcoin was trading just above the $70,500 mark.

Analysts attribute the rapid decline primarily to aggressive profit-taking by long-term holders and institutional traders reacting to sustained inflows into spot Bitcoin ETFs slowing down. Furthermore, broader macroeconomic uncertainty, particularly concerning shifting interest rate expectations from the US Federal Reserve, appears to be dampening risk appetite across global markets. The $71,000 level had functioned as robust support throughout the beginning of the year. Its breach suggests that market focus will now shift heavily toward the next major support zone, situated around $68,000.

Should Bitcoin fail to stabilize above $70,000 by the close of the week, analysts warn that a deeper correction testing the $65,000 range may be imminent. Despite the immediate volatility, overall market sentiment remains cautiously optimistic, viewing the move as a necessary correction following an aggressive climb.

Source: Bitcoin slides below $71,000 to lowest level since October 2024