Bitcoin Falls Below $70,000 as ETF Outflows and Risk-Off Sentiment Weigh on Markets

Bitcoin’s drop below $70K reflects macro stress, ETF outflows, and fading sentiment, with key support now under close watch.

Bitcoin continued its southbound movement as cautious sentiment weighed in on global markets. In fact, asset prices have fallen to levels last seen nearly two years ago. Equities and crypto-focused stocks have also faced the current market heat, which has been linked to macroeconomic factors. After Bitcoin’s latest slide, analysts are now watching if the asset can hold key support levels.

Bitcoin Slips Below $70,000 as Selling Pressure Deepens Across Crypto Markets

Based on TradingView data, the OG coin fell to a low of $70,894 on Wednesday night. Alongside the firstborn coin, Ether also slid closer to the $2,000 mark. According to market observers, this drop was BTC’s steepest since October 2024.

Image Source: TradingView

In the current intraday session, selling pressure has pushed BTC below $70k. At the time of writing, Bitcoin is exchanging hands at $69,451 after an over 7% daily drop. On a yearly scale, the OG crypto has declined by about 29%.

Other price action indicators further reinforce Bitcoin’s market struggles:

• Technically, the OG crypto is positioned below the 200-day SMA and 356-day moving average (MA). 
• Generally, such trends suggest the possible continuation of its southward movement.
• BTC has posted only 10 green sessions over the past 30 days.
• It also trailed 96% of the top 100 crypto assets on an annual performance basis.
• Bitcoin’s Fear and Greed score has dropped to a fresh low of 12.

Analysts mentioned that the current heavy market downturn has exceeded that of the 2022 crypto winter. For now, the firstborn coin sits below the 50-week and 100-week MA after failing to break above the $90,000–$95,000 range.

Image Source: CryptoQuant

The poor outing on the institutional front has also added to the coins’ market pressure. Yesterday, the Coinbase Premium Gap fell to -167.8, the lowest in over a year. Interestingly, this also coincided with $545 million in investment losses posted by U.S. BTC investment funds.

Analysts Flag ETF Flows and Market Sentiment as Key to BTC Next Move

“BTC extended losses after a failed relief bounce lost key support,” said Vincent Liu, chief investment officer at Kronos Research. He cited long liquidations and spillover from a sharp U.S. tech sell-off as reasons for the current market struggle. Liu also pointed to continued ETF outflows as another driver of the accelerated decline.

Still, market commentators explained that the current price action reflects wider market stress rather than internal crypto shocks. 

Peter Chung, head of research at Presto Research, noted investor sentiment has fallen to its weakest point since the last bear cycle. 

Despite the negative tone, Chung suggested longer-term views may differ once short-term pressure fades. Liu added that signs of liquidation exhaustion, steadier ETF flows, and improving sentiment would signal easing downside momentum.

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