Bitcoin Falls Below $70,000 for the First Time Since 2024

Bitcoin's price fell below $70,000, a first since November 2024.

On February 5, the price of the leading cryptocurrency dropped below $70,000. Such low levels have not been seen since November 2024.

At one point, the price fell to $69,185, marking a decline of about 45% from the October peak.

The daily liquidation volume in the derivatives market reached $1.07 billion, with $905 million in long positions.

Joel Kruger, a strategist at LMAX Group, noted signs of investor capitulation. According to him, technical indicators point to deep overselling, and the crypto fear and greed index has reached extreme lows.

According to Glassnode, Bitcoin’s capitulation metric recorded the second-largest spike in two years.

The market has experienced a “demand vacuum”: trading volumes are falling, capital inflows have dried up, and investors are locking in losses.

Bob Kendall, author of The Kendall Report, believes that the scarcity of digital gold is being diluted by “synthetic supply” through ETFs and futures.

So here’s the issue you get influencers like this guy have a quarter million followers and they claim they don’t know why it is declining… it’s because they don’t understand basic mechanics of price discovery.

They don’t understand that the marginal buyers or the float… https://t.co/6oP1WpN65c

— Bob Kendall (The Kendall Report) (@PortfolioXpert) February 4, 2026

“When supply can be artificially created, the asset ceases to be rare. The price becomes a game of derivatives, not a balance of supply and demand. This is what happened with Bitcoin,” he wrote.

Analysts at Stifel suggested a drop to $38,000 due to the high correlation of cryptocurrencies with the declining US tech sector.

Assets in the top 10 by market capitalization are in the “red zone.”

Earlier, on February 3, K33 Research analyst Vetle Lunde ruled out an 80% drop in Bitcoin from its peak.

Later, technical analyst Peter Brandt described the decline of the leading cryptocurrency as a planned campaign by major players.