BTC price falls near $70,000 amid market uncertainty

Bitcoin price has confirmed a bearish inverse cup and handle pattern as institutional demand for the asset waned amidst market uncertainty, and it fell near $70,000.

Bitcoin (BTC) price fell 7.2% to $70,119 on Thursday, Feb. 5, its lowest point since Nov. 6, 2024. Trading at $70,555 at the time of writing, the bellwether has fallen 20% over the past 7 days and 26% from its year-to-date highs.

Bitcoin declined after losing significant support levels this year, influenced by macroeconomic and geopolitical factors that reduced investor appetite for risk assets. The bellwether’s recent drop mirrored the performance of the tech-focused Nasdaq index, following a weak sales forecast from chipmaker AMD and disappointing U.S. employment figures.

AMD shares dropped 17.3% on Tuesday after its first-quarter revenue guidance missed analyst expectations, sparking a sell-off in the semiconductor sector, while rival Nvidia fell 3.4%. Market sentiment also weakened due to poor labor data released on Wednesday, showing that U.S. private payrolls increased by only 22,000 in January, significantly less than the 45,000 jobs economists anticipated.

Investors now fear that the BTC price could see more downside ahead as institutional demand for the asset appears to have eroded in recent weeks.

Data from SoSoValue shows that the 12 U.S. spot Bitcoin ETFs recorded over $2.9 billion in combined outflows over the past 12 trading days. The monthly tally reveals that these investment products have been recording back-to-back outflows since November 2025, with total withdrawals reaching approximately $5.9 billion since that time.

These investment products previously acted as a safety net for Bitcoin prices during market downturns by providing steady buying pressure from big investors. The lack of demand could serve as a headwind for future price growth.

Looking at the daily chart, it appears that BTC price has confirmed a multi-month inverse cup and handle pattern that had been forming since April 2025, as reported by crypto.news earlier. This pattern is formed with an upside-down rounded top representing the cup and a shorter upward-sloping consolidation period forming the handle.

Upon confirmation through a break below the neckline of the formation, these patterns have historically tended to lead to sustained downside for long periods.

More importantly, BTC price has fallen below all of the key moving averages, with the 20-day and 50-day indicators forming a bearish crossover. It has also fallen below the $75,000 support level and under its April 9 low of $74,660.

Hence, the BTC price forecast outlook looks highly bearish at least in the short term. It could likely lose the $70,000 support, which could open the door to even deeper liquidity pockets near $65,000 or $60,000 as sellers take control of the market.