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Bitcoin (BTC) the latest retracement is intensifying concerns that the asset's recovery may be approaching a critical turning point.
In this context, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, believes that the recent price action of Bitcoin below $70,000 signals a broader mean reversal after years of speculative excess.
In a X post on February 7, McGlone stated that Bitcoin is a product of the post-global financial crisis environment, where abundant liquidity has fueled prolonged inflation in risk assets. As this cycle matures, Bitcoin appears to be gravitating back towards its historical mean and more frequently traded range, which closely aligns with the $64,000 level he highlighted.
He supported his assessment with a weekly Bitcoin chart showing repeated tests in the mid-$60,000 area, while volume data highlights strong trading activity around $64,000. This indicates that the level acted as a structural support, absorbing selling pressure during recent pullbacks.
Bitcoin price analysis chart. Source: Bloomberg Intelligence
Impact of Bitcoin's drop on stocks
The comparison of the chart with the S&P 500 highlights Bitcoin's role as a leading indicator for broader risk sentiment. Historically, sustained weakness in Bitcoin has coincided with or preceded stock market declines. With stock indices still high, failing to hold $64,000 could signal increasing stress across all risk assets.
“The chart shows Bitcoin returning to its average and mode from the election year at around $64,000 — a potential line in the sand. If $64,000 is breached, the dominoes may fall, and the stock market could be next,” he said.
McGlone warned that a decisive break below this level could accelerate the pace of decline, leading to a broader reassessment of risk exposure and potentially reverberating in stocks and other risk-sensitive markets.
Bitcoin price volatility
His outlook emerges at a time when Bitcoin has modestly recovered after a volatile week that saw the cryptocurrency briefly drop below $61,000, confirming an increasingly deep bear phase. The leading digital asset has fallen nearly 45% from its all-time high of approximately $126,000 in October 2025, erasing post-election gains and entering what analysts describe as a classic crypto winter correction.
On February 5–6, BTC experienced its sharpest single-day drop since late 2022, falling 15% before rising 11% in a sharp recovery that briefly pushed prices back above $70,000.
Notably, the crisis was triggered by several factors, including macroeconomic pressures such as tariff uncertainties, political doubts from the Federal Reserve, and broader volatility in risk assets, along with a reversal in institutional flows to US Bitcoin ETFs, which recorded net outflows in early 2026 after strong previous inflows.
At the same time, on-chain metrics show mixed signals: retail wallets are aggressively accumulating on dips, defending support near the $60,000–$63,000 range, while larger holders are distributing, limiting upward momentum.
At the time this article was written, Bitcoin was changing hands for $69,464, a rise of about 2% in the last 24 hours, while on a weekly basis, the cryptocurrency remains down about 11%.
