Bitcoin fell below the $70,000 mark on Thursday, extending losses across the cryptocurrency market as fading marginal demand and renewed volatility in global risk assets weighed heavily on sentiment.
The world’s largest digital asset dropped as much as 4.6% to $69,271 in early New York trading, its lowest level since November 2024. The decline comes amid a broader retreat from speculative positions, even as gold and silver pull back from recent highs that had earlier attracted short-term traders away from cryptocurrencies.
Bitcoin is now down roughly 45% from its October peak, reflecting a sharp reversal in institutional appetite. Exchange-traded funds and corporate digital-asset treasuries — previously key sources of demand — have scaled back purchases, removing a crucial support pillar for prices.
“Price action across crypto has been undeniably heavy over the past 24 hours, with Bitcoin acting as the primary drag on broader sentiment,” said Joel Kruger, markets strategist at LMAX Group. “That said, many of the hallmarks of capitulation are now in place: daily technicals are deeply oversold, the fear and greed index has slipped to extreme lows, and Bitcoin is now roughly 45% below its October peak.”
Market data suggest the downturn is being reinforced by structurally weak participation. Trading volumes remain subdued, while futures markets are undergoing what analysts describe as a “forced deleveraging phase,” as leveraged traders are pushed out of positions.
According to crypto research firm Glassnode, capital inflows into the sector have largely dried up, creating a demand vacuum. In this environment, sustained sell pressure is forcing investors to exit positions at a loss, amplifying downside momentum.
The crypto selloff has coincided with heightened volatility in technology equities and broader financial markets, underscoring Bitcoin’s continued sensitivity to shifts in global risk sentiment despite its long-term narrative as an alternative asset.
