Bitcoin Below $70,000: Shockwave Hits Meme Coins
The drop of Bitcoin (BTC) below $70,000 has triggered a brutal risk-off movement across the entire market. Within hours, the meme coin market cap fell to $33.5 billion, recording a decline of over 10%, signaling a massive flight from the most volatile assets.
BTC is now trading in the $65,000 – $65,700 zone, a critical level that intensifies pressure on high-beta tokens like Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE). Selling volumes are intensifying and long position liquidations are multiplying, reinforcing the snowball effect.
In the short term, bearish sentiment dominates. Traders are closely watching the $64,000 support on Bitcoin: A break could trigger deeper capitulation and drag meme coins toward new monthly lows.
DOGE, SHIB and PEPE in Danger Zone
Technically, Dogecoin has broken the psychological support of $0.10, validating a bearish structure. The price is trading around $0.089 – $0.091, with the next support near $0.082. The RSI is plunging, signaling strong selling pressure, though it’s approaching oversold territory.
Shiba Inu (SHIB) is experiencing an even sharper correction, with a double-digit drop. The token is stabilizing around $0.0000057, and only a reclaim of the $0.0000063 resistance would invalidate the negative scenario. Without this, a return to yearly lows remains possible.
Meanwhile, Pepe Coin (PEPE) is showing extreme volatility, with a decline close to 15%. The break of key moving averages confirms the bearish trend. In the short term, everything depends on Bitcoin: a technical bounce could trigger a short squeeze, but continued decline would reinforce capitulation risk. The question remains open: accumulate in oversold territory or wait for clear confirmation from BTC?
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