Bitcoin risks more downside if it loses a \u201ckey\u201d $75,000 support amid growing concerns over a potential trade war between the United States and China.<\/p>\n
Bitcoin\u2019s (BTC<\/a>) price has fallen more than 6.5% during the past 24 hours to sink below a low of $78,197, which was last seen on Nov. 10, 2024, Cointelegraph Markets Pro<\/a> data shows.<\/p>\n Analysts attribute the current decline to macroeconomic concerns related to a potential trade war between the US and China caused by US President Donald Trump<\/a>\u2019s decision to impose import tariffs.<\/p>\n BTC\/USD, 1-year chart. Source: Cointelegraph<\/em><\/p>\n<\/figcaption><\/figure>\n These macroeconomic concerns were the main reason for Bitcoin losing the $80,000 support, according to Ryan Lee, chief analyst at Bitget Research.<\/p>\n The analyst told Cointelegraph:<\/p>\n \u201cBitcoin\u2019s drop below $80,000 amid investor fear from Trump\u2019s tariffs and market unrest, points to a correction likely hitting $76,000-$78,000 this week, nearing $75,000 as a key support level based on historical patterns and trader sentiment.\u201d<\/p><\/blockquote>\n Still, some analysts are concerned that Bitcoin\u2019s correction may see the world\u2019s first cryptocurrency revisit $70,000.<\/p>\n Based on its correlation with the global liquidity index, Bitcoin\u2019s right-hand side<\/a> (RHS), which marks the lowest bid price someone is willing to sell the currency for, may fall below $70,000 around the end of February, after it peaked near $110,000 in January.<\/p>\n GMI Total Liquidity Index, Bitcoin (RHS). Source: <\/em>Raoul Pal<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n The first warning of a correction to $70,000 came from Raoul Pal, founder and CEO of Global Macro Investor, in a November X post, which also predicted that Bitcoin will reach a \u201clocal top\u201d above $110,000<\/a> in January, before heading into the current correction.<\/p>\n Related: <\/strong><\/em>Altseason 2025: \u2018Most altcoins won\u2019t make it,\u2019 CryptoQuant CEO says<\/strong><\/em><\/a><\/p>\n Despite the poor investor sentiment, Bitcoin seems unlikely to fall to $70,000 before the end of the week.<\/p>\n Given continued dip buying from large institutions such as Michael Saylor\u2019s Strategy<\/a>, a plunge to $70,000 seems \u201cless probable\u201d without significant new downside catalysts, said Lee, adding:<\/p>\n \u201cA further plunge to $70,000 is possible but less probable by March 2 without a significant new shock. The $75,000 level aligns with technical support and stablecoin buffers, while $70,000 would need sustained panic or macro deterioration beyond current pressures.\u201d<\/p><\/blockquote>\n Bitcoin exchange liquidation map. Source: CoinGlass\u00a0<\/em><\/p>\n<\/figcaption><\/figure>\n Still, a decline below $75,000 would add significant downside volatility by triggering nearly $900 million worth of leveraged long liquidations across all exchanges, CoinGlass data shows.<\/p>\n Related: <\/strong><\/em>Nvidia slump and $100B crypto IPOs could fuel Bitcoin rally<\/strong><\/em><\/a><\/p>\n However, Bitcoin\u2019s current correction may last another two weeks, based on historical chart patterns analyzed by crypto analyst Rekt Capital.<\/p>\n \u201cBitcoin is in its first price discovery correction,\u201d wrote the analyst in a Feb. 27 X post<\/a>, adding:<\/p>\n \u201cDepth-wise, this current -25% Price Discovery Correction has been shallower by standards of history though still quite close to the -30% mark. Duration-wise however, this 11 week pullback has been more in line with 2013 duration.\u201d<\/p><\/blockquote>\nCan Bitcoin hold $75k support to avoid a plunge to $70k?<\/h2>\n