Bitcoin slides below $72,000 as selling pressure intensifies
Bitcoin fell below the $72,000 mark on February 5, extending its downward trend and reaching its weakest level since late 2024 amid growing pressure across spot and derivatives markets, reports a Qazinform News Agency correspondent.
According to TradingView data, Bitcoin was trading near $71,800 at the time of writing, down about 5% on the day after briefly touching an intraday low of around $71,700. The decline confirms a breakdown from the consolidation range that had held through most of January.
Spot market dynamics point to sustained weakness. Since failing to reclaim the $90,000 to $92,000 resistance zone in mid-January, Bitcoin has formed a clear pattern of lower highs and lower lows. Key support levels near $80,000 and $75,000 have failed to attract lasting demand.
Negative readings on the Coinbase Bitcoin Premium Index further underscore subdued buying interest from U.S. investors, with BTC trading at a discount compared to offshore exchanges. Historically, prolonged negative premiums have been associated with distribution phases rather than accumulation.
Broader market conditions remain fragile, with altcoins also posting notable losses and limited signs of dip buying. Traders are now closely watching the $70,000 psychological level, while any stabilization would require a recovery above the $75,000 to $78,000 range.
Earlier, Qazinform News Agency reported that South Korean prosecutors lost Bitcoin seized during a criminal investigation after a phishing related security breach.