Bitcoin’s Dramatic Plunge: Are We Witnessing a Digital Currency Meltdown?

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Ah, Bitcoin! The enigmatic digital gold that dances to the whims of fortune, has now tumbled below the fabled support zone of 70,000. Spot ETFs, those fickle friends, have decided to bid adieu, dragging a staggering $3.1 billion out the door like a magician pulling a rabbit from a hat.

Indeed, this week, Bitcoin shattered not just any barrier, but a psychological one, causing traders to clutch their pearls in sheer disbelief. It has now settled at the melancholic price of $68,785.34, down a disheartening 2.88% in a single day – a pitiful spectacle for such a once-mighty titan.

The scene is as gloomy as a Russian winter; Bitcoin has plummeted 11.60 percent over the past week alone. According to our ever-watchful oracle, CoinMarketCap, the market value has shrunk to a meager $1.38 trillion, which sounds like a princely sum until you realize it was once more than a kingdom.

Critical Support Level Now in Play

Our soothsayer, Ted Pillows, has proclaimed on X that the next great battleground for Bitcoin lies at the 200-week exponential moving average, perched precariously at $68,000. Should this bastion fall, prepare for a rush of calamity, as history suggests this EMA is no ordinary hill to die on.

And thus, the great Bitcoin has breached the sacred $70,000 level.

Next, we gaze upon the horizon of $68,000, the fabled 200W EMA.

Should BTC fail to hold fast here, brace yourselves for a deeper plunge.

– Ted (@TedPillows)

Source: TedPillows

The traders are watching the $68,000 mark with bated breath. It’s a moment of truth, a theatrical climax where bulls must don their capes and defend this territory with valor.

Massive ETF Exodus Weighs on Price

Institutional sales have unleashed the hounds of depreciation upon Bitcoin. Our dear friend, Coin Bureau, has reported figures that would make even the staunchest heart shudder. Spot Bitcoin ETFs have cast off another $318 million last week, following a dramatic exit of $2.82 billion in the previous fortnight.

🚨 ATTENTION! BITCOIN ETFS CONTINUE THEIR GREAT ESCAPE, $3B GONE!

As if the sky were falling, spot Bitcoin ETFs witnessed another $318 million sold last week, adding to a staggering $2.82 billion exodus from the prior two weeks.

Total outflows for this year have now exceeded a chilling $3.1 billion.

– Coin Bureau (@coinbureau)

Source: Coinbureau

ETFs have taken a considerable hit, losing $2.82 billion in just two weeks. The relentless push to sell feels as boundless as the sea. ETF flows and Bitcoin have become the pulse of the market, as institutional investors retreat like rabbits from a hunting hawk.

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What Happens Next for Bitcoin?

To rekindle the flickering flame of bullish momentum, Bitcoin must claw its way back to the hallowed ground of $70,000. Otherwise, a sell-off could plunge it to lower depths, with 68,000 as its last line of defense, and below that, the abyss awaits at 65,000. Volume and movement indicators whisper of diminished buying pressure, like the soft cries of lost souls in a haunted house.

Short-term holders are stacking losses like firewood, while long-term investors seek opportunity amid the chaos. The answers to Bitcoin’s fate shall be revealed in the coming days – a tale to rival the greatest Greek tragedies.

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2026-02-10 09:22