Bitcoin Price Analysis: BTC Plunges To $70,000 As Tech Selloff Spills Into Crypto
Bitcoin (BTC) plummeted to a multi-month low of $70,091 as selling pressure intensified across the cryptocurrency market, pulling almost all tokens deeper into the red. The crypto market cap fell to $2.41 trillion over the past 24 hours, while the Fear & Greed Index plunged to 11, signaling extreme fear.
The steep decline was attributed to a renewed sell-off in tech stocks. The sell-off spilled over into the cryptocurrency market, dragging BTC and other major tokens down and casting doubt on hopes of a sustained recovery after its recent relief rally.
Bhutan Moves Bitcoin (BTC) Stash, Sale Imminent?
Cryptocurrency wallets belonging to his week. The transfers included a $14 million transfer and an $8.3 million transaction linked to an institutional merchant deposit. While the transfers don’t confirm a sale, deposits to merchants or intermediary addresses are generally considered a precedent before an imminent sale. The transfers come amid high selling pressure, with Bitcoin tumbling to multi-month lows. Analysts at Arkham Intelligence stated that the movements were consistent with Bhutan’s pattern of selling BTC in tranches of around $50 million.
From our observations, Bhutan periodically sells BTC in clips of around $50 million.
US Treasury Secretary Rules Out Bitcoin Bailout
United States Treasury Secretary Scott Bessent reiterated before Congress that the US will retain the Bitcoin it acquired through asset seizures. However, he added that the government will not direct private banks to purchase more of the asset in the event of a downturn. Bessent made the comments during a response to California Congressman Brad Sherman, a known critic of Bitcoin and cryptocurrencies in general. Sherman asked during the hearing,
Does the Treasury Department or the various components of the Federal Open Market Committee have the authority to bail out Bitcoin.
In response, Bessent stated that, as Secretary of the Treasury, he does not have the authority to do so.
I am the Secretary of the Treasury. I do not have the authority to do that, and as chair of the Financial Stability Oversight Council (FSOC), I do not have that authority.
Crypto Firms Offer Concessions To Break Market Structure Bill Gridlock
Several crypto firms are reportedly offering floating concessions related to stablecoin yields in an attempt to break the impasse over the much-delayed crypto market structure bill. The bill passed the House but stalled in the Senate as negotiations over whether stablecoin issuers should be allowed to offer yield continue. Traditional banks argue that such a move poses a threat to the economy by removing money from traditional savings accounts. If anonymous sources are to be believed, cryptocurrency firms have made new proposals, including giving community banks a larger role in the stablecoin ecosystem, to break the current gridlock. Other proposals include requiring issuers to hold their reserves in community banks and help banks issue their own stablecoins.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) plunged to a low of $70,091 on Thursday as the ongoing tech rout spilled over into crypto. The flagship cryptocurrency fell nearly 8% early on Thursday, following sharp losses in Asian and US tech shares, amid concerns over AI investments, overvalued valuations, and slow earnings. The concerns have prompted investors to cut exposure to risk assets like Bitcoin, leading to a sharp downturn.
MSCI’s Asia Tech Index fell for a fifth time in six sessions, largely due to steep losses in South Korea’s Kospi, as AI-linked stocks came under pressure. NASDAQ also registered a steep decline after disappointing earnings from Alphabet, Qualcomm, and Arm reinforced fears that AI investment had peaked faster than market expectations. Bitcoin’s sharp decline comes after a brief relief rally earlier this week when it briefly reclaimed $76,000 before losing momentum again. Wenny Cai, COO at Synfutures, stated,
Bitcoin’s move below the low-$70,000s has accelerated a broader deleveraging, flushing out crowded positioning built during the post-ETF rally. Liquidations have been heavy, sentiment has swung risk-off, and price action is now being driven more by balance-sheet mechanics than narrative flow.
However, analysts believe the downturn is a sign of fragile conviction rather than a complete trend reversal.
This doesn’t signal the end of institutional participation, but it does mark the end of complacency.
Bitcoin ended the previous weekend in the red, dropping nearly 3% on Sunday to $86,561. The price recovered on Monday, rising almost 2% to cross $88,000 and settle at $88,250. Buyers retained control on Tuesday as the flagship cryptocurrency rose 0.98% to $89,116. BTC briefly crossed the $90,000 mark on Wednesday and reached an intraday high of $90,476 before settling at $89,162. Selling pressure returned on Thursday as BTC plunged over 5% to $84,513. Buyers retained control on Friday as the price fell to $81,000 before settling at $84,110.
Source: TradingView
Selling pressure intensified on Saturday as BTC plunged below the key $80,000 mark, falling to a low of $75,644 before settling at $78,648. Price action remained bearish on Sunday as BTC fell 2.24% to $76,895. The current week started with BTC falling to $74,502, its lowest level since April 2025. The price recovered to reclaim the $78,000 mark and settle at $78,666. Selling pressure returned on Tuesday as BTC plunged to a low of $72,859 before settling at $75,661. Sellers retained control on Wednesday as the price fell 3.52% to $72,998. BTC plunged to a low of $70,000 during the ongoing session before moving to its current level of $71,065, down nearly 3%.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.