Bitcoin price drops under $70K as $800M of crypto positions liquidate

Bitcoin dropped to a two-month low below $70,000 on Tuesday, hitting an intraday low of $69,631 on Bitstamp, the lowest level for the token in two months.

BTC/USD fell about 2% on the day after earlier declines pushed the price through several short-term support levels. Data from CoinGlass showed nearly $800 million of liquidations across Bitcoin and altcoins over 24 hours, concentrated in long leveraged positions.

Trader Ardi wrote on X that “The pressure is building” and noted Bitcoin had lost multiple key support levels in 24 hours, including $72,500. Ardi flagged a next liquidity pivot near $68,700 and said the market could move toward that area if Bitcoin does not reclaim the breakdown quickly.

Material Indicators reported a breach of another Timescape level and identified Q2 2026 Timescapes in the $68,000–$69,000 range as a critical test. The firm added that a sustained break below those levels could bring the 200-day moving average into play and wrote, “If bulls lose that range – pack your bags for Bearadise.”

Bitcoin’s decline follows a period of gains earlier this year that pushed prices toward six-figure levels. Traders and models are monitoring Q2 Timescapes and the 200-day simple moving average for potential support. CoinGlass provided the liquidation figures that reflected the scale of forced exits accompanying the price drop.

All investments carry risk. Recent price swings highlighted the effect of leverage and macro headlines on crypto markets.