Bitcoin teetered just above $70,000 on Thursday, slipping over 3% in Asian hours to $70,052.38—its lowest mark since November 2024. Ether also dipped, down nearly 2% to $2,086.11. The crypto selloff deepened this week, with bitcoin shedding more than 7% and now off close to 20% year-to-date; ether has dropped nearly 30%. “The market fears a hawk with him,” noted Manuel Villegas Franceschi from Julius Baer. Deutsche Bank analysts pointed to U.S. spot bitcoin ETFs pulling more than $3 billion in January outflows, following around $2 billion and $7 billion in December and November, respectively. The $70,000 level stands as a key psychological barrier for crypto traders. A clear break below it can spark liquidations—forced closures of leveraged positions—that push selling further. Speed plays a crucial role here. With thin liquidity, prices may leap between levels rather than move steadily through them.