Bitcoin Price Prediction – $70K Support Under Threat as Bearish Momentum Builds

Highlights:

• Bitcoin has found some minor intraday support at $70,464
• Failure at this support could see Bitcoin drop to prices as low as $65k soon
• Macro factors and declining Bitcoin demand could trigger such a drop

Bitcoin (BTC) has crashed heavily in Thursday’s trading session. In the last 24 hours, Bitcoin has dropped by 7.58% to trade at $70,628.58. Bitcoin’s price action has come across as a shocker to the markets, as it was already showing signs of a possible rebound earlier in the week. 

With such a significant drop in price in under 24 hours, Bitcoin’s trading volumes have shot up by 17.13% intraday to $79.49 billion. Such a surge in trading volumes is an indicator of fear selling as investors seek to salvage their capital. Looking ahead in the short term, there is a possibility that Bitcoin could be headed much lower in the short term. 

Overleveraged Longs Liquidations Pushing Bitcoin Price Lower

One of the factors likely to push Bitcoin lower is trader activity in cryptocurrency. Every time Bitcoin shows signs of a rebound, leveraged longs surge. When this does not happen, and they get liquidated, the whole process puts a lot of pressure on the price of Bitcoin. For context, over $650 million in cryptocurrency longs have been liquidated in the last 24 hours.

last one year liquidation heatmap for BTC

every long got liquidated

a bounce from 67k seems imminent

come on market makers, lets just get done with it and stop killing us so slowly pic.twitter.com/ofV8QHshw2

— 𝕜ꪖ𝕣ꪮડꫝⅈ (@0xKaroshi) February 5, 2026

Even worse is that now that Bitcoin appears to be in a clear bear market, short sellers could significantly increase their positions. The result of long liquidations and a surge in short sellers is that Bitcoin price could drop to prices as low as $60k in the short term. 

Weakness In Tech Stock Indices Affecting Bitcoin

Besides what is happening on margin trading platforms, the macro environment is putting a lot of pressure on Bitcoin. Bitcoin tends to trend in the overall direction of tech stocks, and these too are having a bad week. At the start of the week, South Korean stocks crashed, a crash so big that trading had to be suspended. In the US, Nasdaq continues to show weakness as well.

HOLY SHIT

Anthropic Just Triggered a $285B Market Crash 😳

Bloomberg just reported that Anthropic released a new AI tool that caused:

󠁯•󠁏 $285 billion wiped out across software, finance, and asset management stocks
󠁯•󠁏 6% drop in Goldman's software basket (biggest since… pic.twitter.com/YJbUjqCvkX

— Shruti (@heyshrutimishra) February 4, 2026

Tech stocks are dropping on fears that interest rates could start going up again across the globe. This is not only expected to cut liquidity in the markets, but is also pushing existing liquidity away from risk-on assets, such as already overvalued tech stocks. Since Bitcoin tends to move more in the overall direction of tech stocks, a bear trend in the Nasdaq and other global stock indices could push Bitcoin price lower in the short term.

Bitcoin 4-Year Cycle Confirmation Drawing In Bears

There is also the increased perception that the Bitcoin 4-year cycle is still on, despite many thinking that it is broken. Bitcoin started gaining momentum in 2024 and went on to make new highs in 2025. However, since making new highs in 2025, Bitcoin appears to be entering a bear cycle in 2026. This mirrors the trend in 2018 and 2022. 

If more traders perceive the Bitcoin 4-year cycle to be holding, it would be widely expected that the bear market will run for the better part of 2026. Such perception could send the price lower for two reasons. First, it would empower short sellers to get even more aggressive. Second, it would see more investors staying away from the Bitcoin spot markets. This would create much thinner liquidity, which could push the price lower, as short selling takes over. 

Technical Analysis – Bitcoin Price at Key Intraday Support

After a sustained correction for the last 24 hours, Bitcoin is creating a minor support at $70,464. If bulls gain enough momentum to push Bitcoin off this support, a rebound to $74,834 could follow. 

On the other hand, if bears regain control and push Bitcoin price through the $70,464 support, a correction to prices as low as $64,000 could follow. Of these scenarios, a correction to prices below $70,000 is more likely. This is due to macro pressure.