While Bitcoin seemed set to pause just above $70,000 this morning, it has now resumed its downward trend. It is now approaching a highly symbolic level: its previous 2021 high of around $67,500.
Bitcoin drops below $70,000 and shatters miners’ breakeven point
Clearly, Bitcoin’s decline continues. And the $70,000 level, where everyone had hoped to see it stabilize just this morning, has just been breached in the last few hours. As a result, the BTC price is hovering around $69,300 at the time of writing.
A 7% drop over the last 24 hours that still needs to be confirmed—or amplified—on the daily timeframe. As things stand, this downward movement could still be part of a pullback from the $70,000 level (approximately).
Bitcoin price hovers near its 2021 high
A symbolic milestone, as it marks a clear break above the miners’ breakeven point of $70,000—a level many analysts had cited as an ostensibly insurmountable market floor. This is not the case, as mining specialist Monsieur-TK is quick to point out on X:
Absolutely not! With BTC at $60,000, for example, a new equilibrium is forming. Unprofitable miners shut down, mining difficulty adjusts, and a new equilibrium is established. Even with BTC at $1, there will inevitably be a profitable miner somewhere in the world.
Monsieur-TK
Bitcoin Returns to Its Previous 2021 High
This latest drop in Bitcoin is also accompanied by other notable developments, such as the now widely confirmed breach of the average purchase price of BTC held by the world’s leading Digital Asset Treasury (BTC), Strategy, set at exactly $76,052.
This decline also wipes out all gains attributable to the “Trump effect,” with a rally that began upon his election allowing BTC to cross the symbolic $100,000 level for the very first time a few weeks later.
However, the most striking development suggests a seemingly imminent return of Bitcoin to the highly symbolic level of its last peak in 2021, around $67,500.
This scenario mirrors its previous bear market in 2022, as its price had then reached the level of its 2017 peak (around $19,400) before falling nearly 20% below that to reach its low point.
Should we see this as an indication? Nothing is less certain!
