During another downward move overnight, Bitcoin (BTC) nearly fell below the symbolic $70,000 mark. For now, the asset is holding steady, but the risk of a further decline is growing.
Bitcoin (BTC) Dips Just Below $70,000
Continuing its downward trend, the price of Bitcoin (BTC) currently stands at $70,477 at the time of writing, down 7.8% over the past 24 hours. Early this morning, the asset brushed against $70,000, narrowly avoiding a dip below this strategic threshold by just a few dozen dollars:
BTC price (hourly data)
However, this appears to be only a matter of time, according to estimates from Polymarket users. And for good reason: bettors now put the odds at 93% that BTC will fall below $70,000 in February and even assign a 57% probability that it will dip below $65,000 this month, compared to an 85% probability for the year 2026.
As recently as Wednesday evening, the probability of a break below $70,000 was estimated at 82%.
What’s puzzling here is that, since the decisive break below the $85,000 level, the decline now seems to be self-perpetuating, with no particularly significant news to justify it. This is classic price action in a bear market.
As for liquidations in the derivatives markets, Coinglass data reports $701.26 million in long positions liquidated, compared to $138.48 million in short positions forced to close. While these figures are still significant, they are not particularly striking compared to what we typically see during major downturns.
For now, BTC is starting February with a 9.94% decline, which would mark the third-largest monthly drop in its history for this month if we stopped there, even though February has only recorded three bearish closes in Bitcoin’s history so far.
