While Bitcoin seemed set to pause just above $70,000 this morning, it has just begun another decline. 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, at which everyone had hoped it would stabilize just this morning, has just been breached in the last few hours. As a result, the price of BTC stands at 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 nears its latest 2021 high
This is a symbolic milestone, as it marks a clear breach of the miners’ breakeven point set at $70,000—a level many analysts had cited as a seemingly insurmountable market floor. This is not the case, as mining expert 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, the 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’s price is also accompanied by other notable developments, such as the now widely confirmed fact that the average purchase price of the BTC held by the world’s leading Digital Asset Treasury (BTC), Strategy, has been surpassed—set at exactly $76,052.
This decline also wipes out all gains attributable to the “Trump effect”—a rally that began with his election and allowed BTC to cross the symbolic $100,000 threshold 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, when its price reached the level of its 2017 peak (around $19,400) before falling nearly 20% below that level to reach its low point.
Should we see this as a sign? Nothing is less certain!
