Yeliz Akmaca 
Some market analysts say Bitcoin inability to hold above $70,000 signals that selling pressure is far from over. Rising short positions and weakening spot demand are strengthening scenarios pointing toward a possible slide into the $60,000 range.
Bitcoin’s struggle to reclaim the $70,000 barrier has brought back a familiar question across markets: could the downturn deepen? On Monday, a brief attempt to recover this key level quickly faded under selling pressure, sending price down to $67,000. As of Wednesday morning, Bitcoin is trying to stabilize near $68,000, but slipping below short-term supports has made the technical outlook increasingly uncertain.
Three Micro Factors Increasing Downside Risk
Three short-term drivers are currently amplifying downside pressure on Bitcoin. While none of them is decisive on its own, together they suggest the near-term risk balance is tilting lower.
First, the failure to secure sustained closes above $69,400 highlights weak buyer conviction, turning each rebound into a potential selling opportunity.
Second, new capital inflows into spot Bitcoin ETFs have slowed noticeably. This points to fading institutional appetite and limits the price’s underlying support.
Third is a liquidity gap in derivatives markets. Concentrated stop orders between $66,000 and $64,000 increase the risk of cascading sell-offs if that zone breaks.
Key Levels and Market Reaction
The loss of the $68,000–$70,000 range — which looked almost fortress-like in early February — represents more than just a numerical shift. It marks a psychological reset for the market. Analysts broadly agree that every day spent below this zone dampens buying interest and turns existing positions into exit opportunities.
While major cryptocurrencies lag, smaller tokens have managed brief rallies. Over the past seven days, Bitcoin, Ethereum, and BNB are down roughly 3%, while Zcash (ZEC) and Cosmos (ATOM) posted gains approaching 20%.
That divergence may not last. Alex Kuptsikevich, speaking on behalf of FxPro, warned:
“The decline in the largest cryptocurrencies is an ominous sign for smaller ones, as it could soon drag them down at an accelerated pace.”
On-Chain Data and Market Stress
According to analysts at CryptoQuant, the market has entered a full-scale “stress” phase. Major capitulation losses that typically mark cycle bottoms have not yet materialized, suggesting the unwinding process may still be incomplete.
Concerns around quantum computing risks and network “spam” debates are also weighing on sentiment. Adam Back, CEO of Blockstream, criticized the BIP-110 proposal, arguing that rule changes could introduce new reputational risks.
Institutional Flows and ETF Moves
Institutional investors are adjusting exposure. Harvard University’s endowment reduced its Bitcoin ETF holdings by more than 20% in the fourth quarter. Although it still maintains one of its largest positions, the move has drawn market attention.
Technical Outlook and Possible Scenarios
Based on our own analysis, Bitcoin’s critical support currently sits near $66,600. While price appears to have bounced from this level, a reaction alone is not enough. A move above $69,400 is needed for confirmation.
Until that level is reclaimed, the current move remains a short-term rebound rather than a strong buying signal.
If $69,400 is cleared, the next major resistance comes in near $72,000. This zone marks recent local bottoms and has capped price action for roughly 15 days. Reclaiming it could ease selling pressure and support short-term momentum.
Bitcoin Price (BTC): $67,846 — volatility near 12%.
As Bitcoin continues searching for direction, every weak rebound keeps one question alive across the market: is there still another dip ahead?
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