Bitcoin breaks key support, slips below $70,000

“After reaching an all-time high of $126,500 in October 2025, bitcoin has continued to slide as broader risk-off sentiment spills into the crypto market,” said Simon Peters, Crypto Analyst at eToro. “Heightened geopolitical tensions, macroeconomic uncertainty and disappointing earnings forecasts have led investors to reassess risk assets, including technology stocks and crypto, while the liquidation of leveraged long positions has further accelerated the downturn.

“After breaking multiple support levels, bitcoin is now trading just below $70,000 and remains under significant selling pressure.

“From a technical perspective, analysts are closely watching bitcoin’s 200-week moving average as a potential area where the price could find a bottom. Historically, this level has acted as strong support following major corrections and bear markets in 2015, 2018, 2020 during the Covid pandemic, and most recently in 2022.

“Could history repeat itself in 2026? It remains to be seen. Once leverage is flushed out of the system, selling pressure eases and ETF inflows resume, this could help stabilise prices and signal the end of the current correction.

“From an on-chain perspective, the widely used MVRV Z-score — which assesses whether bitcoin is trading above or below its fair value — is also pointing towards a potential long-term buying opportunity.”