The price of Bitcoin plummeted below the level of US$70,000 on Thursday (5/2), recording an intraday low of US$69,922 at the time of publication. This movement marks the first time BTC has traded at this level since November 2024, while also emphasizing the intensity of the ongoing correction.
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This downward action is triggered by a combination of bearish macroeconomic signals and aggressive deleveraging in the derivatives market. In the last 24 hours, cascading liquidations reached approximately US$451 million, further increasing selling pressure and accelerating losses.
With the main psychological support now breached, Bitcoin's price seems to be increasingly exposed to the risk of further crashes. The US$65,000 level emerges as the next crucial area that traders must monitor if the bearish momentum continues.
In addition, BeInCrypto previously managed to gather a number of analyses and predictions from experts regarding the future fate of Bitcoin (BTC) prices. Currently, the market seems to be entering a crucial phase where Bitcoin's volatility is heavily influenced by macroeconomic turmoil and global geopolitical tensions. Some analysts even warn of the classic bull trap risk that could drag Bitcoin's price much steeper into the range of US$60,000 to US$35,000, repeating the dark memory of the 2018 bear market cycle.
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