Around 23:00 Beijing time on February 5, Bitcoin's price broke below the $69,000 mark, returning to levels beneath its 2021 bull market all-time high (ATH). The drop—the first time in roughly 1,557 days that Bitcoin has fallen under its previous cycle peak—rattled market sentiment and raised questions about the structural health of the current rally.
Key Psychological Level Breached
The $69,000 level had served as a critical psychological and technical threshold since it marked Bitcoin's November 2021 peak. Some participants view the breakdown as a sign of weakening bullish momentum, amplifying short-term selling pressure. Bitcoin last traded at $67,430, down 9% in 24 hours. Ethereum also slumped below $2,000, shedding 7% over the same period.
$1.05 Billion in Liquidations
The sharp move triggered a wave of margin calls. According to CoinGlass, 226,627 traders were forcibly liquidated in the past 24 hours, with total losses hitting $1.052 billion. Long positions dominated the liquidation cascade as panic spread, forcing highly leveraged capital to exit the market.