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Bitcoin Plummets 4%: $70K Support at Risk Amid Tensions

2/5/2026

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Summary

Story summary

Bitcoin trades at $72,958.38, down more than 4% in a day and over 40% from its record high of $126,000 last October.
Analysts say $70,000 is a critical support level amid geopolitical tensions and a shift in U.S. monetary policy.
Institutional outflows and a drop in spot bitcoin ETFs contributed to the downturn, with more than $3 billion leaving in January.
Mining rigs are unprofitable.
Antminer S23 models show returns.

History

Historical Context

Bitcoin's price surged to a record high of $69,000 in November 2021, driven by institutional interest and speculation. However, by January 2023, over $3 billion exited Bitcoin ETFs, reflecting declining investor confidence amid a volatile market reminiscent of the 2018 crash, when Bitcoin plummeted from nearly $20,000 to around $3,000, raising concerns about the cryptocurrency's long-term viability.

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Story summary

Bitcoin trades at $72,958.38, down more than 4% in a day and over 40% from its record high of $126,000 last October.
Analysts say $70,000 is a critical support level amid geopolitical tensions and a shift in U.S. monetary policy.
Institutional outflows and a drop in spot bitcoin ETFs contributed to the downturn, with more than $3 billion leaving in January.
Mining rigs are unprofitable.
Antminer S23 models show returns.

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