Did Bitcoin just crash below $70,000?

The Crypto Market Meltdown

On February 5, 2026, Bitcoin crashed below $70,000 for the first time since November 2024, losing 44% from its October 2025 peak of $126,000.

The Crash Details

Massive liquidations: Over $950 million in crypto positions were liquidated in 24 hours, with Bitcoin accounting for $449 million.

Multiple factors: Weak spot demand, ETF outflows of $373.8 million from BlackRock, and Federal Reserve hawkishness contributed to the crash.

Technical breakdown: Bitcoin tested as low as $69,998 before recovering slightly to around $72,000.

What Analysts Say

Stifel analysts predict Bitcoin could crash to $38,000 using historical trend lines. The current slump marks the fourth straight monthly decline—Bitcoin's longest losing streak since 2018. Meanwhile, gold is up 24% over the same period, highlighting Bitcoin's failure as "digital gold."