Bitcoin Breaches Key $70K Support on Bitstamp Amid Broad Sell-Off
Bitcoin extended its recent losses on Thursday, decisively breaking below the closely watched $70,000 support level on cryptocurrency exchange Bitstamp. The move underscores the persistent selling pressure that has gripped the digital asset market this week.
Data from the platform showed BTC/USD dipping to an intraday low of $69,101 during the Asian trading session. Notably, the price on Bitstamp traded at a discount compared to other major exchanges. On Coinbase, for instance, the cryptocurrency found a floor near $70,002 around the same time.
Market observers attributed the steeper decline on Bitstamp to heightened selling activity, potentially from retail investors on the Robinhood-owned platform. The broader market context remains challenging. According to CoinDesk Indices, the global average Bitcoin price, which peaked above $126,000 in early October, has been trending lower for months. This sustained downtrend has analysts warning of further potential declines, with some technical charts pointing toward the $60,000 area as a possible next major support zone where the sell-off could find a bottom.
The breach of the $70,000 level—a key benchmark for trader sentiment—raises questions about the near-term bullish narrative. It comes amid a mix of macroeconomic uncertainty and profit-taking after the asset's historic rally earlier this year.
Market Voices
David Chen, Portfolio Manager at Vertex Capital: "This is a necessary correction within a longer-term bull market. The $70K break is technically significant, but we see strong institutional bid walls forming around $68K-$65K. This is likely a liquidity shakeout, not a trend reversal."
Maya Rodriguez, Independent Crypto Trader: "The discount on Bitstamp is telling. It suggests the 'weaker hands'—retail traders—are leading the exit. When platforms like Coinbase hold a premium, it often means larger, more sophisticated players are accumulating on dips. I'm using this as a buying opportunity."
Alex "CryptoBear" Johnson, Market Commentator (Sharp Tone): "The 'number go up' cult is awfully quiet today. This isn't a 'healthy pullback'—it's a breakdown. The October high was the top, and the narrative has flipped. All those ETF inflows? They're being swallowed by relentless selling. $60K is a hope, not a guarantee. Prepare for more pain."
Professor Sarah Lin, Financial Technology, Stanford University: "The divergence in prices across exchanges highlights the fragmented nature of this market. While arbitrage bots usually narrow these gaps, periods of high volatility and concentrated selling on one venue can expose these inefficiencies. It's a reminder that 'the Bitcoin price' is still an aggregate of many different liquidity pools."