Bitcoin Price Falls Below $70,000 After Crashing 21% This Week

Core Insights - Bitcoin price fell below the $70,000 mark, reaching an intraday low of $69,922, marking the first time since November 2024 that BTC has traded at this level, indicating a significant correction in the market [1][4] Market Dynamics - The decline in Bitcoin's price was driven by macroeconomic bearish signals and aggressive deleveraging in derivatives markets, leading to cascading liquidations of approximately $451 million over the past 24 hours, which intensified selling pressure [3] - With the breach of key psychological support at $70,000, Bitcoin's price is now vulnerable to further declines, with $65,000 identified as the next critical support level to monitor if bearish momentum continues [3]