Risk-Off Sentiment Deepens in Crypto: Bitcoin Hovers Near $70,000 Support

Risk aversion has returned strongly to the cryptocurrency market, pushing Bitcoin toward its lowest levels in over a year. As global uncertainty intensifies, investors are stepping back from high-risk assets, and digital currencies are once again feeling the pressure. Bitcoin, the market’s bellwether, has declined to the $70,000 psychological threshold, highlighting a clear shift in sentiment.

During intraday trading, Bitcoin briefly tested $70,612, marking its weakest price action since November 2024. At the time of writing, BTC is trading around $70,700, down approximately 2.6% on the day. This move is not viewed as an isolated fluctuation but rather as part of a broader risk-off rotation across global markets.

The sell-off has extended beyond Bitcoin. Ethereum slipped to around $2,100, while Solana fell toward the $90 level, reflecting synchronized weakness among major cryptocurrencies. The simultaneous decline suggests that investors are reducing exposure across the board rather than reacting to asset-specific news.

Bitcoin last traded near the $70,000 region on November 6, 2024, the day Donald Trump won the U.S. presidential election. Following his pro-crypto stance, Bitcoin entered a powerful rally that eventually carried the price to an all-time high of $124,457 in August 2025. The current downturn marks a sharp reversal from that euphoric phase.

From a performance perspective, Bitcoin has now fallen roughly 19% year-to-date and is down nearly 30% compared to the same period last year. These figures underscore the growing downside risks and reinforce the narrative that the market is entering a more defensive phase.

Market sentiment indicators also point toward heightened fear. Andrew Tu, Head of Business Development at crypto market maker Efficient Frontier, noted that sentiment has shifted into “extreme fear” territory following last week’s sharp sell-off. According to Tu, if Bitcoin fails to reclaim the $72,000 level, a move toward $68,000 becomes increasingly likely. Such a decline could open the door for a deeper retracement toward the 2024 cycle lows.

Overall, the crypto market is navigating a period of elevated volatility and caution. With risk appetite subdued and key technical levels under pressure, Bitcoin’s ability to hold above $70,000 will be critical in determining whether the market stabilizes or faces further downside in the weeks ahead.