BTC fell to a two-month low amid heightened selling pressure, triggering nearly $800 million in liquidations across crypto markets.
Bitcoin slid below $70,000 for the first time in two months, hitting a low of $69,631 on Bitstamp as bearish momentum intensified. The decline accelerated after BTC failed to mirror gains in traditional stock markets, widening its divergence from other risk assets by nearly 2% on the day.
Analysts pointed to the 200-day moving average as a critical support level, with traders noting the breakdown of key price floors, including $72,500. Prior to the drop, BTC had struggled to hold above $70,000, with liquidity thinning as sellers dominated.
Crypto markets saw nearly $800 million in long position liquidations over 24 hours, according to CoinGlass data. The sell-off coincided with geopolitical tensions, including US-Iran developments, which weighed on sentiment despite record highs in equities.