Bitcoin price fell again; Is the cryptocurrency market collapsing?

On Thursday, the price of Bitcoin fell below $68,000, breaking a key level that investors had hoped would hold. Bitcoin is now trading at its lowest price level since November 2024, having virtually erased all of its price growth of over a year.

Other popular cryptocurrencies such as Ethereum and Solana have also experienced significant declines. For example, Solana is currently at its lowest price level in two years.

Bitcoin and other altcoins have entered a noticeable downtrend since late last week. Cryptocurrency market analysts have identified key price levels for Bitcoin during this time to avoid the worst case scenario if they are maintained. Some analysts considered maintaining the $80,000 level as critical, while others considered the $70,000 level important. According to these analysts, a fall below these levels could have exacerbated the price decline as investors sell their holdings.

Bitcoin has now fallen below both key levels. As a result, some analysts believe that the price of Bitcoin may reach the range of $60,000 to $65,000, while another group considers even more drastic reductions and reaching the price of around $40,000 possible.

This price drop is not limited to the cryptocurrency market, and the stock market, especially in the technology sector, is also falling. As a highly volatile asset, cryptocurrency is usually one of the first options that institutional investors exit during massive asset sales.

According to a report by CryptoQuant, institutional firms that bought tens of thousands of Bitcoin last year alone have become net sellers this year.

Social media users have also noticed that other crypto market whales are selling their holdings, putting further downward pressure on the price of Bitcoin. World Liberty Financial, the Trump family’s cryptocurrency firm, cashed out more than $5 million of its bitcoin holdings on Thursday.