Bitcoin slipped below $70,000 for the first time in two months, leaving cryptocurrency markets vulnerable ahead of a week of important U.S. economic data that could determine the direction of the next move for risk assets.
The largest cryptocurrency has lost more than 4.45% in the past 24 hours, and was recently trading near $69,400. Ether dropped 0.6% to $1,970. The broader CoinDesk 20 (CD20) index retreated 3.2% in the same period.
Crypto’s near-term setup doesn’t appear supportive. Spot bitcoin ETF suffered an 11th straight day of net outflows and Strategy (MSTR), the largest corporate holder of bitcoin, said it sold 32 BTC for $2.5 million.
While the sale is small relative to Strategy’s holdings, it’s seen as symbolically important and bitcoin fell after the filing became public. Still, not everyone sees the sale as the real driver.
“Saylor / Strategy selling a few raspberries isn’t causing bitcoin to crash,” Pierre Rochard, a bitcoin researcher and board member at bitcoin holder Strive (ASST), wrote on X. “The reality is that there is a massive parabolic spike in AI-related equities that is vacuuming up all excess liquidity, multiples of bitcoin’s market cap.”
Rochard added that a healthy labor market and higher energy prices mean “sentiment for dovish rate cuts is nowhere to be found,” even as bitcoin’s fundamentals “have never been better.”
That leaves economic data as the next major catalyst. A strong U.S. jobs print on Friday could keep rate-cut hopes subdued and further pressure crypto, while softer data may help bitcoin reclaim levels above $70,000. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
What’s trending
Today’s signal
On the weekly chart, the bitcoin price is approaching a key confluence support — the 0.618 Fibonnaci level near $69,000 and the long-term ascending trendline from the 2022 lows.
RSI remains near 39 with no bullish divergence yet apparent, so there’s confirmation of a bottom from the momentum indicator. For the time being, it’s purely a structural level test.
