Bitcoin Price Falls Below $70,000 After Crashing 21% This Week
A report from Beincrypto says Bitcoin fell below $70,000 after a 21% weekly market crash, recording an intraday low of $69,922 for the first time since November 2024 as macroeconomic stress and aggressive deleveraging across derivatives markets intensified downside pressure.
At current network difficulty and average electricity costs near $0.08 per kWh, many Antminer S21-series machines approach unprofitability within a $69,000–$74,000 shutdown range. Prolonged trading below $70,000 could force weaker miners to liquidate BTC reserves or power down equipment, potentially reducing hashrate and adding sell-side pressure amid tight liquidity and ETF outflows.
Analysts warn the breakdown could drive Bitcoin toward the $55,000 support area, noting the market has erased roughly 41% from its October 2025 peak above $126,000. Prediction markets show an 86% probability of a fall to $65,000 and a 63% chance of a decline to $55,000.