Bitcoin price breaks below $70,000: is a crash to $62,000 next?

Bitcoin ($BTC) extended its decline below $70,000 on Friday as persistent selling pressure threatened to push the cryptocurrency into its sixth consecutive week of losses.

The world's largest cryptocurrency has fallen more than 9% in the last seven days, bringing its cumulative losses over the past six weeks to approximately 20%.

Weak institutional demand, uncertainty surrounding US monetary policy, and declining technology stock valuations have contributed to the deterioration in market sentiment.

Bitcoin's technical indicators also remain bearish, with its major moving averages approaching a potential death cross and momentum readings reflecting sustained selling pressure.

Although the daily RSI has entered oversold territory, suggesting that a temporary recovery could emerge, sellers continue to dominate the market.

Bitcoin faces a sixth consecutive weekly loss as selling pressure intensifies

Bitcoin's latest decline has extended a prolonged correction that began in early October. The cryptocurrency has lost approximately 20% over the past six weeks, reflecting a sustained deterioration in buying demand.

Friday's decline of around 6% followed Thursday's drop of more than 3%, pushing $BTC below the psychological $70,000 threshold.

If Bitcoin ends the week in negative territory, it would mark its sixth consecutive weekly loss.

Such an extended losing streak suggests that sellers have maintained control despite several attempts by buyers to stabilize prices.

However, Bitcoin's deeply oversold momentum readings suggest that the decline may be becoming stretched.

Institutional demand remains a major concern as Bitcoin struggles to attract sustained buying interest.

US spot Bitcoin exchange-traded funds (ETFs) have recorded six consecutive trading days of net withdrawals. The ETFs recorded an outflow of $47.61 million on Thursday, after $300 million left the funds the previous day.

Persistent ETF redemptions can contribute to selling pressure because these investment products provide a major channel for traditional market participants to gain exposure to Bitcoin.

The withdrawals have occurred alongside renewed uncertainty about US inflation and the Federal Reserve's interest rate outlook.

Expectations of tighter monetary policy can discourage investment in risk-sensitive assets, particularly when investors anticipate higher borrowing costs and reduced financial market liquidity.

Bitcoin has also shown sensitivity to developments in the technology sector, particularly shares associated with artificial intelligence.

Nvidia confirmed on Thursday that Jensen Huang had resigned as president, chief executive officer, and board member, effective immediately. The company appointed Chief Financial Officer Colette Kress as interim CEO while it searches for a permanent replacement.

His departure followed reports concerning personal relationships and national security allegations. Nvidia has said its internal investigation found no evidence that company secrets or national security were compromised.

Bitcoin technical forecast: $BTC risks falling toward $67,292

Bitcoin's daily technical structure remains bearish following its breakdown below $70,000.

$BTC ts 50-day Exponential Moving Average at $78,272 and its 200-day EMA at $76,898. Both moving averages are trending downward, reinforcing the weakness in Bitcoin's broader price structure.

The 50-day EMA is also approaching a potential bearish crossover below the 200-day EMA, commonly known as a death cross.

Momentum indicators also suggest that sellers remain in control. The daily Relative Strength Index (RSI) has fallen to approximately 25, placing Bitcoin firmly in oversold territory.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains negative, indicating that bearish momentum continues to dominate.

The immediate technical level to monitor is $70,505, which previously acted as support. With Bitcoin now trading below this area, a sustained breakdown could expose the cryptocurrency to the next significant downside target at $67,292.

If selling pressure intensifies and buyers fail to defend that level, $BTC could extend its correction toward $62,345.

Despite the bearish outlook, Bitcoin's deeply oversold RSI suggests that a temporary recovery remains possible.

However, buyers face several important resistance levels before they can establish a convincing reversal.

The first significant barrier is $70,505, which Bitcoin would need to reclaim to ease the immediate selling pressure. Beyond this level, the next major resistance stands at $75,545.

A sustained recovery above $75,545 could encourage buyers to target the 200-day EMA around $76,898.

The 50-day EMA at $78,272 represents another substantial barrier, potentially limiting any recovery attempt.

Reclaiming these moving averages would improve Bitcoin's technical structure and provide stronger evidence that buying momentum is returning.

AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.