Bitcoin losing $70,000 is a warning sign for further downside

Bitcoin has fallen back below the critical $68,000 to $70,000 support range, making its prior bounce above $70,000 appear weak. Losing this floor increases the likelihood that future rallies will be sold rather than bought, potentially leading to a retest of $65,000 and possibly $60,000. While major cryptocurrencies like Bitcoin, Ethereum, and BNB are down over the past week, smaller tokens have seen gains, though analysts warn that the decline in majors often precedes a broader market struggle. On-chain data suggests the market is in a stress phase without the heavy loss realization typical of a cycle bottom, implying the downturn may continue. Other factors influencing market sentiment include resurfacing concerns about quantum computing risk and shifts in institutional flows, such as Harvard's endowment cutting some of its Bitcoin ETF exposure.

(Source：CoinDesk)