Bitcoin eyes $70,000 after crash while ETH breaks $2,000
Following Thursday’s sharp sell-off, Bitcoin rebounded by 6% and is now attempting to hold above the $70,000 level, while Ethereum has reclaimed the $2,000 mark.
Yesterday’s Bitcoin decline pushed the market into oversold territory, after which BTC bounced back into the $66,000–$68,000 range on the back of aggressive dip buying. This move was accompanied by nearly $200 million in short position liquidations.
By Friday, market panic had eased as investors digested the negative news and priced in expectations of tighter U.S. monetary policy. With no further negative catalysts emerging, institutional inflows into ETFs resumed, allowing Bitcoin to reach the key psychological level of $70,000.
Bitcoin 15-minute chart. Source: TradingView
At present, this high-liquidity zone represents the dividing line between a corrective phase and a potential resumption of growth. A move below $70,000 is interpreted by the market as a continuation of the bearish trend, while sustained consolidation above $70,000 opens the door to renewed upside.
Neutral-to-bullish scenario for ETH
A similar threshold applies to Ethereum at $2,000. A breakout and sustained move above this level typically triggers renewed buying interest and further price appreciation, whereas a drop below it fuels expectations of deeper downside.
A daily close for Bitcoin below $70,000 introduces several scenarios, ranging from consolidation around $68,000–$69,000 for another attempt to reclaim the level, to a sharper pullback with potential stops near $64,000–$65,000 and $60,000–$62,000.
Conversely, a daily close for ETH above $2,000 would help calm the market and begin forming a base for growth. The baseline scenario would be a weekly close near $2,150, while a more optimistic, Bitcoin-outperforming scenario would target $2,300. Even so, such moves would not yet confirm a full bull market, but rather signal that a local bottom has formed and that increasing long exposure may be justified.
As we wrote, Bitcoin below $70,000: Why crypto market crashed
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