Bitcoin has tumbled over 10% in the past week, falling below $70,000 and registering its lowest level since October 2024. The cryptocurrency has suffered seven down days in eight sessions and gapped below its 365-day moving average for the first time since 2022, signaling potential further downside.

Steady selling pressure, amplified by a broad Big Tech equity selloff, has weighed on institutional participation, triggering forced liquidations across both long and short positions. This wave of deleveraging has intensified volatility and raised concerns about sustained downward momentum.

Over the past 12 months, Bitcoin is down 27.8% while gold futures have surged 73%, underscoring Bitcoin’s sharp underperformance among safe-haven assets. Ether experienced its own deleveraging phase, and blockchain platform Solana saw over $300 million in positions liquidated in a single day.

JPMorgan’s analysis suggests Bitcoin’s risk-reward profile could improve versus gold following recent volatility, framing current declines as a modest correction. Key support lies in the $60,000–$65,000 range, where reduced leverage and clearer market positioning might set the stage for a recovery rally.