Bitcoin slides below $71,000 to lowest level since October 2024
Feb 5, 2026, 10:03 GMT+52 min read
Bitcoin BTC extended its sell-off on
Wednesday night, hitting its lowest level since October 2024 as risk-off
pressure rippled through global markets.
The
world's largest cryptocurrency fell 7.2% over the past 24 hours to
$70,894 as of 11:30 p.m. ET Wednesday, its lowest level since October
2024, according to The Block's price page. Ethereum slid 7.8% to $2,091.
"BTC
extended losses after a failed relief bounce lost key support,” said
Vincent Liu, CIO at Kronos Research. "A wave of long liquidations,
tech-sector contagion from a sharp U.S. sell-off, and continued ETF
outflows combined to accelerate downside pressure across crypto."
Crypto-related
equities also fell further under pressure. Shares of crypto exchange
Coinbase closed down 6.14% on Wednesday, and Ethereum treasury firm
Bitmine fell 9.17%. The Nasdaq Composite dropped 1.51%, while the Dow
Jones Industrial Average added 0.53%.
Risk-off sentiment persists
Analysts
said the current draw down appears less about crypto-specific shocks and
more about broader macro forces weighing on risk assets.
"Current
price action in crypto is following the broader risk-off in markets and
other asset classes," said Peter Chung, head of research at Presto
Research. "With broad risk-off pressure last night pushing BTC to a new
low for the year, investor psychology has sunk to its weakest level
since the last bear market."
The Crypto Fear & Greed Index, currently reading 12, remains in "extreme fear" territory.
Still, Chung suggested that the bleak mood may obscure a longer-term
opportunity. "Step outside the noise, however, and it becomes clear that
the vast majority of the investment world remains largely oblivious to
the asset class," he said, describing it as a source of "enormous latent
potential" for crypto adoption.
Liu of Kronos said market participants are closely watching whether bitcoin can
defend the psychologically important $70,000 level. He added that signs
of liquidation exhaustion, improving sentiment, and stabilization in
ETF flows would be early indicators that selling pressure may be easing.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange
Bitget is an anchor LP for Foresight Ventures. The Block continues to
operate independently to deliver objective, impactful, and timely
information about the crypto industry. Here are our current financial
disclosures.
© 2026 The Block. All Rights
Reserved. This article is provided for informational purposes only. It
is not offered or intended to be used as legal, tax, investment,
financial, or other advice.