Bitcoin price once again falls below $70,000, returning to the level on the day of the 2024 U.S. presidential election, erasing the previous rally.
(Background: Arthur Hayes warns of a black swan for Bitcoin: seeing today’s BTC trend looks concerning)
(Additional context: Bitcoin suddenly crashes below $70,200, Plan B’s analysis warns: the worst case could see it drop to $25,000)
On the evening of February 5, Bitcoin broke below the $70,000 threshold, reaching its lowest level since November 6, 2024 (the day of the U.S. presidential election vote count), becoming a key price level watched by the market.
This drop below $70,000 again reminds the market that although Bitcoin has gradually been included in more institutional and asset management products, its price remains highly cyclical and volatile. For funds engaging with leverage and short-term trading strategies, breaking through key levels often triggers a series of technical sell-offs and position adjustments. Please exercise caution.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Long-Term Bitcoin Holders Accumulate 324K BTC, $62K-$65K Emerges as Potential Bear Bottom
According to analyst Murphychen888 reported by BlockBeats on May 5, Bitcoin long-term holders (LTH) net position has increased 324,000 BTC since February 10, with short-term holders reducing holdings by 184,000 BTC over the same period. The analyst noted that LTH net position recovery typically
GateNews18m ago
Gold Rises to $4,539.50 Today, European Equities Fall; EVIX Climbs 2.89%
According to Gate data, gold rose to $4,539.50 per ounce with a 0.34% daily gain today, while silver gained 0.18% to $72.815 per ounce. The Bitcoin volatility index (BVIX) climbed 0.86% to 40.87, and the Ethereum volatility index (EVIX) surged 2.89% to 57.00.
European equities showed weakness, with
GateNews49m ago
Crypto Fear and Greed Index Rises to 50 on May 5, Sentiment Shifts from Panic to Neutral
According to Alternative data, the Crypto Fear and Greed Index rose to 50 on May 5, up from 40 the previous day, marking a shift in market sentiment from panic to neutral.
GateNews1h ago
Bitmine Buys $238 Million in Ether as Tom Lee Signals 'Crypto Spring' Start
Bitmine, the largest Ethereum treasury, recently purchased $238 million in ether. Analyst Tom Lee cited the progress on the CLARITY Act digital asset regulation framework as a key catalyst driving the crypto market
GateNews3h ago
Solana Price Compresses at Key Level as Security Upgrades Emerge
Key Insights
The Solana price compresses near the triangle apex as the EMA cluster and CRT range align, creating conditions that often precede sharp directional volatility expansion.
The quantum readiness report confirms Falcon integration, ensuring Solana can activate post-quantum
CryptoNewsLand7h ago
Chainlink Price Tightens Range as Breakout Pressure Builds
Key Insights:
Chainlink trades within a narrowing range as buyers defend support while sellers cap gains, creating a compression pattern that often precedes strong directional price moves.
Momentum weakens near resistance despite price holding above key averages, indicating reduced bullish s
CryptoNewsLand8h ago
