Bitcoin steadies near $84K, but a loss of support could open the door to $70,000.

Crypto Lags Sharply as Risk-Off Rout Leaves Digital Assets Near Lows

Cryptocurrency markets were once again the clear underperformer on Thursday, failing to recover even as traditional assets staged late-session rebounds.

What began as modest overnight losses accelerated sharply during U.S. trading hours. The Nasdaq dropped more than 2% at its lows, while gold slid nearly 10% from an overnight record. Both markets later recovered—the Nasdaq trimmed its decline to 0.7% by the close and gold rebounded above $5,400 an ounce—but crypto prices remained pinned near session lows.

Bitcoin was trading just above $84,000 at press time, down nearly 6% over the past 24 hours and hovering at the lower end of its two-month range. A decisive break below that level could open the door to a deeper correction, traders warned.

Losses were broad across the sector. Ethereum, Solana, XRP, and Dogecoin were each down about 7% on the day. Crypto-linked equities also sold off, with Coinbase (COIN), Circle (CRCL), and bitcoin treasury firm Strategy (MSTR) falling between 5% and 10%.

Matt Mena, crypto research strategist at 21Shares, said Bitcoin’s ability to hold above $84,000 is “critical.” A failure there could send prices toward $80,000—where buyers emerged in November—and potentially down to the $75,000 lows seen during the April 2025 tariff-driven selloff.

Despite the pressure, Mena described current levels as a “compelling entry point,” maintaining his forecast for Bitcoin to reach $100,000 by the end of the first quarter and possibly push toward $128,000 if macro conditions turn supportive.

Others were more cautious. John Glover, chief investment officer at bitcoin lender Ledn, said the move appears to be part of a broader correction from October’s record highs and could ultimately pull Bitcoin toward $71,000, representing a roughly 43% decline from the early-October peak near $126,000.

Glover added that U.S.-driven uncertainty is steering investors toward alternative havens such as gold and the Swiss franc, rather than traditional safe assets like the dollar or Treasuries. Despite its “digital gold” narrative, Bitcoin continues to trade like a risk asset, selling off alongside equities.

Still, Glover expects the weakness to be temporary. “I do believe this is a transitional phase, and we’ll see a rebound in Bitcoin prices in the coming quarters,” he said.

More bearish voices remain. “Most key technical levels have already been broken on the downside, and there’s limited support here,” said Russell Thompson, chief investment officer at Hilbert Group, who warned Bitcoin could slide as low as $70,000. “While the Clarity markup is bullish longer term, the market is clearly in a broad risk-off move right now.”