Bitcoin Briefly Slips Below $70,000 as Global Sell-Off Deepens

 

NEW YORK — Bitcoin briefly fell below the $70,000 threshold on Wednesday before stabilizing, extending a sharp sell-off that has erased more than 42% of its value since peaking near $126,000 in October, as a broad risk-off mood swept across global markets.

The world’s largest cryptocurrency was last trading around $71,000, down nearly 2% on the session, after touching levels not seen since November 2024. The move came amid mounting pressure from leveraged liquidations, weak sentiment across technology stocks, and growing caution ahead of key U.S. macroeconomic data.

Market data show the broader crypto market has shed more than $460 billion in value this week, while over $2 billion in both long and short positions were liquidated, amplifying intraday volatility. Ethereum fell more than 6% to around $2,120, while losses across major altcoins underscored the depth of the retreat.

From crypto-specific stress to global contagion

Early selling pressure was initially concentrated in crypto-native leveraged positions, but quickly spilled over as U.S. equities, particularly the Nasdaq 100, came under renewed pressure during the global trading session. Analysts said the correlation reflected a broader reassessment of risk assets rather than a crypto-only event.

“The selling dynamic has shifted from isolated crypto leverage to a wider macro-driven unwind,” said one market strategist, noting that declining liquidity during Asian and early European hours exacerbated price moves.

The slide pushed Bitcoin below the psychologically important $70,000 level around 6:27 a.m. ET, before bargain-hunting and short-covering helped prices rebound modestly.

Volatility risks remain elevated

Despite the rebound, traders remain cautious. Several analysts warn that upcoming macro catalysts could trigger further swings, including the February 11 U.S. jobs report, February 13 CPI data, and the March 17–18 Federal Open Market Committee (FOMC) meeting.

With expectations that U.S. monetary policy could remain restrictive for longer, risk assets — including cryptocurrencies — may continue to face headwinds. Some market participants now see $70,000 as a critical technical level, with a sustained break below it potentially opening the door to deeper losses.

For now, Bitcoin remains caught between fragile investor confidence and the search for a durable floor in an increasingly uncertain global macro environment.

FAQs

Why did Bitcoin fall below $70,000?
The drop was driven by a mix of risk-off sentiment, leveraged liquidations, and spillover from losses in U.S. tech stocks.

How much has Bitcoin fallen from its peak?
Bitcoin has lost more than 42% from its October high near $126,000.

How large were crypto liquidations this week?
More than $2 billion in long and short positions were liquidated across crypto markets.

Are altcoins affected as well?
Yes. Ethereum, Solana, and other major tokens posted sharp declines alongside Bitcoin.

What events could move the market next?
Key triggers include upcoming U.S. jobs data, inflation figures, and the March FOMC meeting.

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