Bitcoin Drops to Lowest Level Since October 2024 as Selling Pressure Intensifies

Bitcoin fell below $71,000 on Wednesday night, sliding to about $70,672 and losing roughly 7.2% in 24 hours; Ethereum also fell sharply, trading near $2,091 as the broader crypto market moved lower ^[1][4][5].

Market participants and firms reported that long-position liquidations and a loss of key support levels accelerated the sell-off, with Kronos Research CIO Vincent Liu attributing the move to a failed recovery and subsequent liquidation pressure ^[1]; several outlets described the move as a leverage-driven flush spreading through markets ^[6].

On-chain analytics firm CryptoQuant said the current bear-market performance has deteriorated faster than at the start of 2022, noting a 23% decline in 83 days after Bitcoin fell below its 365-day moving average, while social-media activity shows increased calls for sub-$60,000 prices as fear rises; total crypto market capitalization also contracted amid weak demand and forced liquidations ^[2][3][4].

Traders and analysts point to rapid deleveraging and weakening momentum as drivers of the drop, with multiple market indicators and commentary signaling a deepening downtrend for Bitcoin and the broader crypto market ^[1][2][6].