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.
Key points:
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Bitcoin falls further into territory not seen since late 2024, dropping under Tuesday’s prior low.
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Macro assets lose steam as precious metals give back recent gains.
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Traders lie in wait for deeper long-term lows on Bitcoin to come next.
Bitcoin joins precious metals in failed relief bounce
Data from TradingView showed characteristic BTC price weakness during the US trading session, with lows of under $72,500 on Bitstamp.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewThese beat the 15-month lows seen the day prior, and a relief bounce above $76,000 was short-lived.
Macro assets were subdued across the board, with gold failing to recapture $5,000 as support and US stocks heading lower at the open.
“Crypto remains volatile,” trading company QCP Capital wrote in its latest Asia Color market update.
QCP said that the US government avoiding a fresh shutdown for the time being was “easing near-term headline risk” for markets.
“In macro, the shutdown overhang has faded, but the key takeaway is how quickly fiscal standoffs can return. Homeland Security funding was only extended through Feb. 13, keeping another deadline risk in play,” it added.
BTC is seeing “bear market price action”
Bitcoin traders thus remained on edge as uncertainty ruled sentiment. As Cointelegraph reported, the area around $50,000 was now a popular target.
Related: Bitcoin ‘reflation’ bets diverge after US PMI breaks three-year resistance
“Ugly interim weekly candle for bulls. If we close sub 74k – it’s safe to say 50k area is next,” trader Roman wrote an analysis on X.
BTC/USDT one-week chart. Source: Roman/XTrader CJ prepared for the spot price to drop by another $10,000 or more, subject to a potential relief bounce first.
Earlier, Cointelegraph reported on a potential safety net in the form of the 200-week exponential moving average (EMA), currently near $68,000.
Data from monitoring resource CoinGlass showed future long liquidations building above $72,000, while total 24-hour crypto liquidations were over $800 million.
BTC liquidation heatmap. Source: CoinGlassThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Source: https://cointelegraph.com/news/bitcoin-price-new-15-month-low-under-73k-crypto-liquidates-800m?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
