Bitcoin has fallen to its lowest price since March, extending a sell-off that has rattled crypto markets and put pressure on traders holding leveraged positions.
The decline marks a notable pullback from the trading range Bitcoin had maintained through much of the spring. According to a Reuters report via TradingView, Bitcoin tumbled below $70,000, wiping out gains accumulated since the 2024 U.S. presidential election.
The move below that threshold signals that several months of price support have broken down, leaving the market searching for a new floor.
Options Expiry and Macro Pressure Fueled the Drop
The sell-off coincided with a period of heightened derivatives activity. A $14 billion options expiry added volatility, forcing leveraged traders to adjust positions rapidly as prices moved against them.
Broader risk-off sentiment compounded the pressure. Geopolitical uncertainty and macro caution weighed on speculative assets, with Bitcoin bearing the brunt as the largest and most liquid cryptocurrency. Similar macro-driven sell-offs have also affected Solana-based trading platforms and cross-chain infrastructure like Axelar’s recent Solana integration, which launched amid an already fragile market.
Weakening momentum indicators and failed bounces at prior support levels accelerated the decline, triggering a cascade of liquidations across exchanges.
Support Zones and Volatility Are the Next Focus
With Bitcoin now trading at its weakest level in months, market participants are watching whether the current zone can hold or if further downside is ahead.
Key support levels below $70,000 will determine the trajectory. A sustained break lower could open the door to a deeper correction, while a swift recovery above that level might signal that the worst of the selling is over.
Volatility is likely to remain elevated in the near term, particularly as regulatory scrutiny of crypto continues to intensify across major markets. Traders are monitoring funding rates, exchange flows, and macro data releases for signals on the next directional move.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
