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02/06/26 02:50 UTC-04

Bitcoin Continues to Fall! Will the $70,000 Support Level Be Broken?

The cryptocurrency market started the week under strong selling pressure, with Bitcoin ($BTC) falling toward the $70,000 level.

Analysts say that the decline has been driven by escalating tensions between the United States and Iran, as well as Bitcoin sales by institutional investors, including Strategy.

According to market data, Bitcoin dropped 4.2% over the past 24 hours, falling to $70,111.

Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, also declined by 1.1%, dropping to $1,956.

During the same period:

  • BNB fell by 2.4%;
  • XRP declined by 3.8%;
  • Solana lost 2.8%.

Geopolitical Risks Pressure the Market

Zeus Research analyst Dominic John stated that geopolitical risks in the Middle East were among the main drivers of the sell-off.

According to him, renewed uncertainty surrounding U.S.-Iran negotiations and concerns about potential instability around the Strait of Hormuz are pushing investors away from risk assets.

Tensions intensified after Iran suspended negotiations with the United States in protest against Israeli military operations in Lebanon.

Although U.S. President Donald Trump stated that talks were continuing, international media reported disagreements between Trump and Israeli Prime Minister Benjamin Netanyahu.

Strategy's Bitcoin Sale Added Further Pressure

Another factor weighing on the market was the Bitcoin sale conducted by Strategy.

The company announced that it sold a total of 32 BTC between May 26 and May 31 at an average price of $77,135 per coin.

The transaction was worth approximately $2.5 million.

This marked the company's first Bitcoin sale since December 2022.

Although experts emphasize that the sale volume was relatively small, the fact that Strategy — a company known for treating Bitcoin as a long-term reserve asset — sold part of its holdings negatively affected investor sentiment.

CoinEx Chief Analyst Jeff Ko commented:

“The sale volume may be small, but the signal it sends to the market is much broader.”

All Eyes on the $70,000 Level

Analysts say that investors are now closely watching the $70,000 level.

Whether Bitcoin can maintain this key psychological support may determine the market's short-term direction.

See also: "Bitcoin Falls to $70K Amid Strategy Sale and Iran Uncertainty"

#Price drop #Bitcoin (BTC) #Key Support Level

Editor: Yulia Krasnaya
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