Feb. 5 at 1:53 PM
$BTC $BULL The digital asset fell as low as
$69,055.46, marking its first dip below
$70,000 since November 2024. Bitcoin was last trading at around
$69,552 at 8:09 a.m. ET, according to CoinMetrics data.
Bitcoin has plunged roughly 17% this week, putting it on pace for its worst week since November 11, 2022, when it fell 20.85%.
Elsewhere, other cryptocurrencies are cratering. Ether has pulled back 23% this week, on track to surpass its losses for the week of November 11, 2022, when the token fell 23.91%. Solana hit a roughly two-year low of about
$88.42 on Thursday, down 24% in the week-to-date.
Some market watchers have suggested
$70,000 is a key level to watch and a break below that could trigger more falls for bitcoin.
James Butterfill, head of research at Coinshares, said
$70,000 is a “key psychological level,” adding that “if we fail to hold it, a move toward” the
$60,000 to
$65,000 range “becomes quite likely.”
