Bitcoin fell below $67,000 on Thursday as selling pressure intensified across crypto markets, pushing the token to its lowest level since November 2024.
By late session, bitcoin was trading around $65,700, extending a sharp weekly decline and reinforcing the risk-off mood that’s been building for months.
What’s striking is not just the speed of the move, but where it happened. Many traders have treated $70,000 as a psychological and technical line in the sand. Once bitcoin cracked below that level, the selling accelerated — a familiar pattern in highly liquid, sentiment-driven markets where stop-loss orders, forced liquidations, and momentum trading can all hit at once.
This latest drop also lands at an awkward time for crypto’s long-running narrative. Bitcoin has been marketed as a store of value, an inflation hedge, and an alternative to traditional safe havens like gold.
But in recent macro and geopolitical flare-ups, it has often traded more like a risk asset, moving in the same direction as growth stocks rather than offering meaningful protection when uncertainty rises.
The slide comes after a long reversal from bitcoin’s peak above $126,000 in early October. Since then, the market has steadily shifted from “buy the story” to “show me the utility,” and that shift is now showing up in price action.
For now, the big question is whether this move is simply a brutal reset after an overheated rally, or something more structural, driven by changing expectations about what bitcoin is actually for.
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By
Staff Writer
