BTC Dips Under $70,000 for First Time Since Trump's 2024 Victory – Crypto Winter Deepens

 

Bitcoin extended its recent sharp decline, falling as low as around $69,800–$69,900 (with reports varying slightly across exchanges like CoinDesk, Reuters, and others) before partially recovering above $70,000 in some sessions. The drop comes amid a broader sell-off in risk assets, including cryptocurrencies and precious metals, with the Crypto Fear & Greed Index plunging into "extreme fear" territory at levels around 11.

Analysts attribute the reversal to several factors: fading optimism around immediate pro-crypto policies under the Trump administration (despite earlier hype about lighter regulation and potential strategic reserves), comments from Treasury Secretary Scott Bessent ruling out government bailouts for crypto, broader market risk aversion, and liquidity-driven selling. The move has wiped out all gains since Trump's 2024 win, with Bitcoin down sharply from its all-time high above $126,000 in late 2025.

The cryptocurrency has shed nearly 20% year-to-date in 2026 and over 40% from its peak, reflecting a shift from political narrative-driven trading to more fundamental market pressures. Market watchers note $70,000 as a key psychological support level—if breached sustainably, further downside toward $60,000–$65,000 could follow.