Bitcoin plunges to $65k: Decoding the crypto market crash

Bitcoin rejected from $70,000 and brutal return under pressure

Bitcoin violently failed to establish itself above $70,000, erasing almost all of its weekly gains in just a few sessions. After a promising breakout attempt, the market experienced a rapid retracement toward the $65,000 zone, signaling a clear technical rejection at a major psychological resistance. This partial pump and dump type movement surprised many investors who were anticipating a sustained bullish continuation.

From a technical perspective, buyers’ inability to defend intermediate levels reveals a fragile momentum. The market now appears to be seeking liquidity lower, testing the strength of long positions opened during the breakout. The climate has turned bearish in the short term, with increased volatility at this month-end.

This pullback is not isolated. It occurs within an unfavorable macro context marked by higher-than-expected US inflation data and the decline of certain tech stocks like Nvidia. When the Nasdaq corrects, Bitcoin often follows, confirming a persistent correlation between crypto assets and equity markets during risk-off phases.

Altcoins under pressure: Simple correction or threat?

As often happens during rapid correction phases, altcoins amplify the movement. Solana, XRP and Dogecoin are recording declines close to 6% over 24 hours, illustrating the flight of liquidity toward more defensive positions. This underperformance is typical when BTC dominance strengthens in a climate of uncertainty.

The $65,000 zone now becomes a major strategic support. If buyers manage to defend this level during the weekend, a technical rebound could emerge quickly. Conversely, a weekly close below this threshold would open the path to a test of $60,000. A crucial demand zone likely to redefine the market structure.

In this context, the central question remains the same: should we buy the dip or wait for confirmation of a reversal? Volumes and overall sentiment will be decisive. The coming week could determine whether this correction is merely a breather in a bull cycle or the beginning of a deeper retracement.

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