"Bitcoin could extend losses to $70,000 if $84,000 breaks"

As global asset markets swung in unison, the cryptocurrency (digital asset) market alone failed to shake off weakness, enduring a “Black Thursday.” The tech-heavy Nasdaq and gold rebounded slightly after sharp intraday sell-offs, but Bitcoin (BTC) is stoking fears of further downside as it comes under pressure around the key support level of $84,000.

On the 29th (local time), Bitcoin on Binance’s Tether (USDT) market was trading around $84,400, down about 5.4% from 24 hours earlier. That level threatens the lower bound of the range it has held over the past two months.

The day’s shock was concentrated in digital assets. Early in the session, the Nasdaq index fell more than 2%, and gold plunged nearly 10% from its all-time high, triggering panic selling. But by the afternoon, the Nasdaq had pared losses to a 0.7% decline, and gold regained its footing by reclaiming the $5,400-per-ounce level. By contrast, Bitcoin and other digital assets hovered near their intraday lows, failing to show meaningful resilience.

Altcoins and related stocks also weakened in tandem. Major names by market cap—including Ethereum (ETH), Solana (SOL), Ripple (XRP) and Dogecoin (DOGE)—tumbled around 7% across the board. Shares of crypto-related companies such as Coinbase, Circle and MicroStrategy also fell 5–10%.

Analysts said Bitcoin has failed to prove its status as a safe-haven “digital gold,” instead showing a clearer risk-asset profile. John Glover, chief investment officer (CIO) at Ledn, said, “As uncertainty originating in the U.S. grows, investors are moving into traditional safe havens such as gold and the Swiss franc,” adding, “Bitcoin is still classified as a risk asset and is reacting sensitively to unease in equity markets.”

Warnings of further declines are also growing. Matt Mena, a strategist at 21Shares, said “defending the $84,000 support level is key,” adding that if it breaks, Bitcoin could slide to $80,000—its low from November last year—or, in a more severe scenario, to $75,000. Russell Thompson, CIO at Hilbert Group, likewise said “all technical support levels have broken,” leaving the door open to a drop to $70,000. Glover pointed to around $71,000 as a potential floor, a level that would represent a 43% correction from the peak of $126,199 recorded in October last year.

Still, some see the selloff as a buying opportunity. Mena said that if the macro environment is supportive, Bitcoin could surpass $100,000 by the end of the first quarter and potentially set a new record above $128,000, while Glover also said, “The current downtrend is temporary and should rebound in coming quarters.”