4 min readBitcoin (BTC) has crashed below $70,000 for the first time since November 2024, erasing all gains made since Donald Trump’s election victory. The original cryptocurrency has now fallen roughly 40% from its October 2025 all-time high above $126,000, with more than $6.6 billion in leveraged positions liquidated across the market in just over a week.
The selloff hasn’t spared altcoins either, Ethereum (ETH) is flirting with sub-$2,000 levels not seen since May 2024, while Solana (SOL) has broken below the psychological $100 mark. With spot Bitcoin ETFs recording their largest monthly outflows on record and sentiment plunging to “extreme fear,” traders are now questioning whether the market has found a floor, or if more pain lies ahead.
Weekly technical analysis
BTC/USD has broken below the $70,000 level, a zone that marked both the October 2024 breakout and the 2021 all-time high. Should this area fail to hold, the next notable support appears to sit around $60,000, with $30,000 potentially representing a longer-term floor where the current cycle arguably began.
The weekly RSI has dropped below 30 for the first time since the 2022 bear market bottom, while the 20 EMA has crossed below the 50 EMA, a development that could be viewed as rather bearish.
Short-term outlook
On the 1-hour chart, a potential double bottom formation appears to be developing, with the neckline resistance sitting around $71,700. Given the historical significance of the $70,000 region, there’s a possibility that buyers could step in to defend this level in the short term.
A break above the upper descending trend line may signal a short-term reversal attempt. However, a move below the double bottom lows around $69,000 could open the door to further downside, potentially towards the $60,000 support zone identified on the weekly timeframe.
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