Bitcoin falls below $70K as $800M in crypto positions liquidate
In brief
- Bitcoin traded below $70,000 for the first time in two months, hitting $69,631 on Bitstamp
- 24-hour liquidations across Bitcoin and altcoins neared $800 million as long positions unwound
- Traders identified $68.7K as next major support if selling pressure persists
Sellers dominate as support crumbles
BTC/USD declined nearly 2% for the day after failing to track stock market gains, widening its divergence from other risk assets. Trader Ardi flagged $72,500 as a critical support level, warning that if the market breaks across multiple timeframes, the next major liquidity pivot sits around $68.7K.
"Once support starts breaking across multiple timeframes, the market usually starts moving toward the next major liquidity pivot. For me, that sits around $68.7K" — Trader Ardi
Material Indicators sounded additional alarm on Monday, flagging concerning signals from a proprietary trading tool. The firm cautioned that continued downside could drag the 200-day simple moving average into focus as a potential floor.
Headwinds pile up amid geopolitical uncertainty
Bitcoin faced multiple pressures on Tuesday. Uncertainty over a US-Iran ceasefire deal weighed on risk sentiment broadly. US President Donald Trump later revealed that talks were "continuing, at a rapid pace" between both sides, though the situation remained fluid.
Stock markets showed their own volatility. The S&P 500 posted a fresh all-time high before cooling after breaching 7,600 points for the first time. The Kobeissi Letter noted the index could see its first 10 straight weeks of gains since 1985, representing $11.7 trillion in market cap gains since March 30th.
Yet crypto decoupled. Traders now watch whether Bitcoin can hold above $68.7K or if weakness accelerates further down the chart.
