Bitcoin fell to its lowest level since late 2024, breaking below its prior local low as traders turned their attention to $70,000 and lower support zones.
Bitcoin (BTC) saw a second dip below $73,000 after Wednesday’s Wall Street open as US sellers returned. Data from TradingView showed characteristic price weakness during the US session, with lows under $72,500 on Bitstamp—beating the 15-month lows seen the day prior—and a relief bounce above $76,000 proving short-lived.
Key points:
– Bitcoin falls further into territory not seen since late 2024, dropping under Tuesday’s prior low.
– Macro assets lose steam as precious metals give back recent gains.
– Traders lie in wait for deeper long-term lows on Bitcoin to come next.
Macro assets were subdued across the board: gold failed to recapture recent gains and US stocks opened lower. Market commentary flagged sharp reversals in precious metals over a short window, underscoring risk-off flows.
QCP Capital noted that the US government avoiding an immediate shutdown eased near-term headline risk, but warned fiscal standoffs can quickly return—Homeland Security funding was extended only through Feb. 13, leaving another deadline in play.
Traders described the current action as “bear market price action.” With sentiment shaky, some market participants pointed to $50,000 as the next popular target if weekly closes remain below $74,000. Trader Roman highlighted heavy volume on down moves as evidence of selling pressure, while others prepared for a potential $10,000-plus drop following any interim relief bounce. Trader CJ identified the 59–65k area as the next major downside zone of interest.
A potential safety net remains the 200-week exponential moving average (EMA), near $68,000. Futures data from CoinGlass showed long liquidations building above $72,000, and total 24-hour crypto liquidations exceeded $800 million, reflecting elevated forced selling in derivatives markets.
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