Just as Bitcoin seemed set to pause just above $70,000 this morning, it has now started to fall again. It is now approaching a highly symbolic level: its previous 2021 high of around $67,500.
Bitcoin falls below $70,000 and smashes miners’ break-even point
Clearly, Bitcoin’s decline continues. And the $70,000 level, which everyone hoped would stabilize this morning, has just been breached in the last few hours. As a result, the price of BTC is hovering around $69,300 at the time of writing.
This represents a 7% drop over the last 24 hours, which still needs to be confirmed—or increased—on a daily basis. As things stand, this downward movement may still be part of a rebound to the $70,000 level (approximately).
This is a symbolic milestone, as it marks a clear break above the $70,000 break-even point for miners, which many analysts had predicted would be an insurmountable market low. This is not the case, as mining specialist Monsieur-TK reminds us on the X network:
Absolutely not! With BTC at $60,000, for example, a new equilibrium is forming. Unprofitable miners are disconnecting, the mining difficulty is adjusting, and a new equilibrium is forming. 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 new decline in Bitcoin is also accompanied by other notable events, such as the now widely confirmed crossing 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 the gains attributable to the Trump effect, with a rise that began when he was elected, allowing BTC to break through the symbolic $100,000 level for the very first time a few weeks later.
However, the most striking fact is that Bitcoin appears to be on the verge of returning to the highly symbolic level of its last peak in 2021, around $67,500.
This scenario is identical to its previous bear market in 2022, when its price reached its 2017 peak (around $19,400) and then fell almost 20% below that level to reach its low point.
Should we see this as an indication? Nothing could be less certain!
