Bitcoin fell below $70,000 today for the first time since August 20, 2026. The cryptocurrency market continues to face significant capital outflows amid a strengthening US dollar, elevated Treasury yields and selling pressure from US spot Bitcoin ETFs.
US 10-year Treasury yields are recording their sharpest daily increase since Liberation Day in April 2025. Although on-chain data points to growing interest in Bitcoin among large holders, sustained accumulation by these investors alone does not signal an imminent return to a bull market or provide a reliable indication that Bitcoin is forming a bottom.
Bitcoin (D1 timeframe)
Key resistance levels for Bitcoin are now located around $75,000, $80,000 and $86,000. Meanwhile, the $58,000–$60,000 area remains a crucial support zone, reflecting previous price reactions at these levels.
If upcoming data continues to show weak accumulation or persistent selling by Bitcoin ETFs despite today's decline, the entire recovery that began in late summer could be erased, particularly if the US dollar and Treasury yields continue to rise.
Source: XTB
