Bitcoin was sold off, breaching the $70,000 mark

Bitcoin continues its downtrend with increasingly stronger selling pressure. The world’s largest cryptocurrency faced many massive liquidations due to investors’ inability to maintain deposits, leading to the loss of the support mark of 70,000 USD on the evening of February 5. This morning, the price continued to slide and fell below 67,000 USD, marking the lowest level in nearly a year and a half.

Bitcoin has lost more than 23% compared to the beginning of this year, and has fallen by nearly half from its peak of more than 126,000 USD set in early October 2025.

The global cryptocurrency market is in the red. Popular digital currencies such as Ether, XRP, ADA, Solana… all adjusted over 10%.

According to many experts, current developments may cause some people to completely lose faith in the long-term value of digital assets. “The steady liquidation over the past week shows that traditional investors are losing interest and pessimism towards the cryptocurrency market is increasing,” said Marion Laboure, an analyst at Deutsche Bank.

Institutional investors are always expected by the digital currency investment community to be the backbone of Bitcoin, but the reality is the opposite when this group shows signs of continuous sales. According to CryptoQuant, a blockchain data analysis company headquartered in South Korea, institutional demand has clearly reversed. US-based bitcoin spot ETFs that bought about 46,000 BTC this time last year are net sellers this year.

70,000 USD acts as both a technical support threshold and an important psychological milestone for the world’s largest cryptocurrency. Definitively breaking this milestone makes Bitcoin predicted to slide quickly to the $60,000 area, even $50,000 in a negative scenario.

On the contrary, some analysts still expect the market not to decline too quickly because the current area is where the capital prices of many long-term traders are concentrated. Historically, every time Bitcoin hits old bottoms and investor psychology is extremely fearful, the market often has a technical recovery to relieve it.

“The bear market story has been very strong for a long time, so I expect there to be a reversal soon to give buyers some hope in the near term,” said Benjamin Cowen, founder of analysis firm Into The Cryptoverse.