Some market watchers have suggested $70,000 is a key level to watch and a break below that could lead bitcoin to decline further.

The mean closing price of BTC over the past 200 weeks is a widely used long-term momentum indicator and a baseline for the traditional-four year bitcoin cycle. It has marked a market bottom in every previous cycle, and is currently at $57,926.

Bitcoin briefly fell to $60,000 on Feb. 5 amid unusually high ETF trading activity and subdued crypto exchange liquidations. BlackRock’s spot Bitcoin ETF, IBIT, recorded

The current price range, even after the rebound, also provides a challenge for Bitcoin miners. As CoinDesk reports, the current Bitcoin price is well under the average cost of $87,000 to mine a single Bitcoin. The outlet notes that this has traditionally been one of the signs of a bear market.

With even Strategy technically underwater, as of this writing, with regards to its impressive bitcoin stockpile it would seem that this time “might be different” for the crypto sector, when combined with the stalling policy landscape as well as the looming mid-term elections.

There's seemingly no place for investors to hide right now.

CNBC's Steve Sedgwick reflects on the 'extraordinary' development of prediction markets like Kalshi betting on bitcoin's rout continuing.

Top markets on Myriad this week include predictions on Bitcoin and Ethereum’s next respective stops, plus the outcome of Super Bowl LX.