Bitcoin’s price is facing renewed pressure, hovering around $69,700 as of Thursday, after a recent dip below $70,000, sparking debate over whether the cryptocurrency is mirroring the bear market patterns of 2022. The digital asset has lost approximately 1.4% in the last week, exhibiting fragility after a 50% decline from its recent peak.
The downturn comes amidst broader market uncertainty, with analysts at CryptoQuant suggesting a potential fall to $60,000, a level not seen since late 2022. This assessment, reported by The Block, indicates the current downturn could worsen beyond the previous bear market’s depths. CoinDesk reported that Bitcoin’s earlier crash to $60,000 now appears as a warning sign for stocks.
Ethereum, while remaining above the $2,000 threshold, is also experiencing weakening momentum relative to Bitcoin. The BTC/ETH pair has rebounded nearly 2% in the last 24 hours, indicating a shift in investor preference. Meanwhile, Bittensor (TAO) has seen a more substantial gain, rising over 15% in the same period.
Despite the recent volatility, some analysts point to a potentially positive signal within the long-term price action. Bitcoin has fallen below its 100-week moving average, a level historically associated with buying opportunities, according to Bitcoin Magazine Pro. Yet, further declines remain a possibility, with the 200-week moving average, currently positioned below $60,000, representing a key support level. Kaiko research suggests the recent drop may signal the halfway point of a bear market.
Technically, Bitcoin is currently encountering resistance around $71,000, coinciding with bearish 9-day and 18-day Exponential Moving Averages (EMAs). A failure to break through this resistance could lead to a test of the $65,000 support level. The Relative Strength Index (RSI) is also showing signs of weakening in the short term.
Steady Lads, a portfolio management service, has responded to the recent market volatility by reducing its exposure to cryptocurrencies. Following a profitable stop-loss execution, the firm has secured gains and lightened its portfolio, adopting a more cautious stance while awaiting new investment opportunities. As of March 20, 2026, Steady Lads’ portfolio allocation is 68% in stablecoins and 32% in cryptocurrencies.
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