During a new bearish leg overnight, Bitcoin (BTC) almost fell below the symbolic $70,000 mark. For now, the asset is holding on, but the risk of a fall is increasing.
Bitcoin (BTC) falls just shy of $70,000
Continuing its downward trend, the price of Bitcoin (BTC) is now trading at $70,477 at the time of writing, down 7.8% over the past 24 hours. Early this morning, the asset came close to $70,000, escaping a dip below this strategic threshold by just a few dozen dollars:
However, this seems to be only a matter of time, according to estimates by Polymarket users. And with good reason, as bettors are now placing 93% odds on BTC falling below $70,000 in February and even giving a 57% probability of it falling below $65,000 this month, compared to 85% for 2026.
On Wednesday evening, the probability of a break below $70,000 was estimated at 82%.
What is puzzling here is that, since the confirmed break below the $85,000 level, the decline now seems to be feeding on itself, with no particularly significant news to justify it. This is classic price action in a bear market. In terms of liquidations on the derivatives markets, Coinglass data reports $701.26 million in long positions liquidated, compared to $138.48 million in short positions forcibly closed. While these figures remain significant, they are not particularly noteworthy compared to what we see during major downturns.
For the moment, BTC is starting February with a 9.94% decline, which would be the third-largest monthly decline in its history for this month if we stopped there, even though February has only seen three bearish closings in Bitcoin’s history so far.
