​Bitcoin breaks key support, slips below $70,000

Abu Dhabi, United Arab Emirates – February 05, 2026: “After reaching an all-time high of $126,500
in October 2025, bitcoin has continued to slide as broader risk-off sentiment spills into the crypto
market,” said Simon Peters, Crypto Analyst at eToro. “Heightened geopolitical tensions,
macroeconomic uncertainty and disappointing earnings forecasts have led investors to reassess risk
assets, including technology stocks and crypto, while the liquidation of leveraged long positions has
further accelerated the downturn.
“After breaking multiple support levels, bitcoin is now trading just below $70,000 and remains under
significant selling pressure.
“From a technical perspective, analysts are closely watching bitcoin’s 200-week moving average as a
potential area where the price could find a bottom. Historically, this level has acted as strong
support following major corrections and bear markets in 2015, 2018, 2020 during the Covid
pandemic, and most recently in 2022.
“Could history repeat itself in 2026? It remains to be seen. Once leverage is flushed out of the
system, selling pressure eases and ETF inflows resume, this could help stabilise prices and signal the
end of the current correction.
“From an on-chain perspective, the widely used MVRV Z-score — which assesses whether bitcoin is
trading above or below its fair value — is also pointing towards a potential long-term buying
opportunity.”

-ENDS-

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