Bitcoin traded below $70,000 for the first time in two months, hitting lows near $69,600 as sellers dominated the market. The drop, which saw nearly $800 million in crypto liquidations, increased its divergence from record-high stock markets. Analysts warned of thinning support, with key levels at $72,500 lost, potentially targeting the $68,000 range and the 200-day moving average for a critical test of bull sentiment.
Bitcoin fell below the $70,000 support level on Tuesday, reaching new two-month lows. Data from TradingView showed BTC/USD hitting $69,631 on Bitstamp as it fell nearly 2% for the day.
Total 24-hour liquidations for Bitcoin and altcoins approached $800 million according to data from CoinGlass. Trader Ardi stated in a post on X that the market had lost multiple key supports within 24 hours.
“We’ve seen BTC lose multiple key support levels in the space of 24 hours, and is now breaking below an already steep downward channel,” Ardi wrote. He described the loss of $72,500 as critical, with the next major liquidity pivot around $68,700.
Trading resource Material Indicators told X followers via a post that price falling through another Timescape level signaled weakness. The firm said the real test would come in the $68,000 to $69,000 range for Q2 2026.
“If bulls lose that range – pack your bags for Bearadise,” it added, noting continued downside could bring the 200-day simple moving average into play. Meanwhile, traditional stocks surged as the S&P 500 posted a fresh all-time high above 7,600 points.
The Kobeissi Letter noted on X that the index could see its first 10 straight weeks of gains since 1985. Bitcoin faced headwinds including uncertainty over a US-Iran ceasefire deal, which appeared unlikely to succeed before talks were said to be continuing.
