Bitcoin Slips Again at the Start of the Week, Hovering Near US$70,000
In this context, Ethereum (ETH) is edging higher, up 0.4% to around $2,102. Among major altcoins, gains are led by Figure Heloc (+1.3%).
Quick overview
- The cryptocurrency market opens the week negatively, with Bitcoin down nearly 1% and trading around $70,000.
- Bitcoin recently hit its lowest level since 2021 but staged a rebound last Friday, briefly surpassing the $70,000 mark.
- Analysts believe the recent price drop reflects a crisis of confidence rather than structural issues, maintaining a long-term price target of $150,000 by 2026.
- Despite claims that Bitcoin has missed its moment, analysts highlight strong institutional demand and limited outflows from Bitcoin ETFs.
The cryptocurrency market starts the week in negative territory following the rebound that began last Friday, which had ended several days of sharp declines.
Bitcoin (BTC) is down nearly 1% on Monday, trading around $70,000, according to Binance.
The leading cryptocurrency recently hit its lowest level since 2021, near $60,000. On Friday, it staged a strong rebound in tandem with Wall Street, briefly pushing above the $70,000 mark — a level it is now attempting to reclaim.
In this context, Ethereum (ETH) is edging higher, up 0.4% to around $2,102. Among major altcoins, gains are led by Figure Heloc (+1.3%) and XRP (+0.3%).
“The weakest bearish case in Bitcoin’s history”
According to analysts, the recent price drop reflects a crisis of confidence rather than structural deterioration in the asset itself. They maintain a long-term price target of $150,000 by 2026, arguing that Bitcoin’s fundamentals remain intact.
“The current scenario represents the weakest bearish case in Bitcoin’s history. Nothing has collapsed, there are no hidden skeletons to uncover, and once again the media is writing Bitcoin’s obituary,” one analyst said.
The recent sell-off, they argue, stems from a self-imposed confidence crisis within the crypto community, despite a broadly supportive macro backdrop.
“Imagine a scenario with a pro-Bitcoin president, ETFs, growing institutional adoption, and powerful players like BlackRock and Strategy heavily involved — and yet retail investors manage to manufacture a crisis,” the analysis noted.
Liquidity, ETFs, and the comparison with gold
In response to claims that Bitcoin has “missed its moment” while gold continues to hit record highs, analysts point to global liquidity conditions as the key explanation.
“Bitcoin has always been a liquidity trade,” they stressed, adding that in tighter monetary environments it continues to behave like a risk asset.
However, they highlighted the resilience of Bitcoin ETFs: outflows have been limited to just 7%, despite a nearly 50% price correction, reinforcing the view that institutional demand remains structurally strong.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
- Read our latest reviews on: Avatrade, Exness, HFM and XM
Save