Bitcoin has dropped to its lowest point since last year, and analysts say it may further retrace to $70,000

Bitcoin's price has plummeted to last year's lowest point, and the cryptocurrency market has also seen significant sell-offs. This decline was triggered by a sharp drop in gold and stocks during the U.S. early trading session, but despite these markets rebounding significantly from their lows, cryptocurrencies have not shown a similar rebound, highlighting the industry's relative weakness.

21Shares cryptocurrency research strategist Matt Mena stated that it is crucial for Bitcoin to hold the support level of $84,000. He pointed out that if this support level is not maintained, the next target is the $80,000 level where market buyers typically enter; falling below this price would mean Bitcoin could drop to the $75,000 low reached during the tariff turmoil in 2025.

Ledn's Chief Investment Officer John Glover believes that today's sell-off is part of the overall correction for Bitcoin since it hit an all-time high in October. This round of decline could ultimately lead to Bitcoin's price dropping to $71,000, a 43% decrease from the $126,000 seen in early October. Hilbert Group's Chief Investment Officer Russell Thompson stated, "Technical support levels have all been breached, and I believe Bitcoin currently lacks support, with the price potentially falling to $70,000."