Bitcoin falls below $70,000, risks sixth consecutive weekly loss and deeper slide

Bitcoin (BTC) extended its decline below the $70,000 mark on Friday, deepening a multi-week downturn as intense selling pressure continued to weigh on the world’s largest cryptocurrency.

Six-week losing streak, renewed selling pressure

BTC has now dropped more than 9% over the last seven days, bringing its cumulative losses across the past six weeks to about 20%. This stretch marks one of the longest losing streaks for the digital asset in recent years and illustrates the persistent dominance of sellers in the current market environment.

The latest decline saw Bitcoin slide roughly 6% on Friday following a more than 3% loss the previous day, breaching the psychologically important $70,000 threshold. Should Bitcoin close the week in negative territory, it will mark the sixth straight week of declines.

Institutions have displayed ongoing caution, as reflected in reduced appetite for risk assets. Weakening sentiment in technology stocks, especially among artificial intelligence-related shares, has also contributed to the pressure on the cryptocurrency sector.

Renewed uncertainty about US inflation and the Federal Reserve’s path for interest rates has affected investor confidence, discouraging risk-taking and adding to downward momentum in Bitcoin prices.

US spot Bitcoin exchange-traded funds (ETFs), which serve as a primary vehicle for institutional investors to access Bitcoin, have recorded six consecutive days of net withdrawals. ETF products saw an outflow of $47.61 million on Thursday, following a $300 million withdrawal the previous day.

Such persistent ETF redemptions have played a key role in amplifying the selling, as these funds represent large pools of liquidity for the market.

Further impacting sentiment, Nvidia, a leading designer of graphics processing units (GPUs) for AI and data center applications, confirmed the resignation of Jensen Huang as president, CEO, and board member. Nvidia appointed Chief Financial Officer Colette Kress as interim CEO. The leadership change followed reports concerning Huang’s personal life and national security concerns, but the company stated its internal review found no evidence of compromised information.

Mini dictionary: Nvidia is a prominent American technology company specializing in designing graphics processing hardware and AI computing solutions. Its business performance and leadership often influence broader tech and digital asset markets because of its role in powering blockchain and artificial intelligence systems.

Bears take control: Technical signals point to further downside

Bitcoin’s technical outlook remains bearish after its break below $70,000. The daily chart shows both the 50-day and 200-day Exponential Moving Averages (EMAs) trending downward, reinforcing a negative price structure. The 50-day EMA, currently at $78,272, is approaching a potential crossover below the 200-day EMA at $76,898, a technical event commonly called a death cross. This formation is often interpreted by traders as a warning of prolonged weakness.

Momentum gauges echo pessimism. The daily Relative Strength Index (RSI) has fallen to about 25, which places Bitcoin deep in oversold territory. Despite this, there has yet to be a convincing show of strength from buyers.

The Moving Average Convergence Divergence (MACD) indicator is also negative, further underscoring bearish momentum.

Key technical levels to watch include $70,505, which previously acted as support. Failure to reclaim this level could expose Bitcoin to a further decline toward $67,292, and potentially down to $62,345 if sellers remain in control.

On the upside, Bitcoin faces substantial resistance at $70,505 and $75,545, while the EMAs at $76,898 and $78,272 present additional barriers to any meaningful recovery. Climbing above these thresholds could signal renewed buying interest, but for now, sellers maintain the upper hand.