Bitcoin dropped to $69,640 on March 6, falling below the $70,000 level that had held as support through most of the morning session.
The move down comes after Tuesday’s sharp rally that carried price from $63,600 all the way to $73,800 in under 72 hours.
The Week in One Chart
The two-hour TradingView chart starting February 24 captures everything. Bitcoin opened the period around $86,000 territory, then spent the last week of February in a controlled slide that accelerated into a capitulation candle on February 28, dropping to $63,600. That low was the week’s defining moment.
What followed was textbook short squeeze mechanics. Price recovered to $69,200 on February 26 before the second leg down. Each recovery attempt found buyers at slightly higher levels. By March 2 the structure had shifted enough that when the catalyst arrived on March 4, there was a base underneath it. Price launched from $65,800 to $73,800 on the single largest volume candle of the entire chart. The move was fast, clean, and left almost no consolidation in its wake.
That speed is now the problem. Markets that move $8,000 in 48 hours rarely hold all of it. Since reaching $73,800 on March 5, Bitcoin has been in a steady step-down, losing $72,000, then $71,000, then $70,000 in successive sessions. Each level that held briefly became the next area to break.
Why $70,000 Matters
Round numbers attract attention for reasons that go beyond psychology. Options markets cluster at $70,000. Institutional stop-loss levels reference it. Retail traders treat it as a mental anchor. When Bitcoin is trading above $70,000 the narrative is recovery. When it trades below, the narrative shifts.
The session low of $69,644 puts Bitcoin below that threshold for the first time since the March 4 rally began. Whether this is a brief dip that recovers before the daily close or the beginning of a deeper retracement depends partly on what the Non-Farm Payrolls report delivers this afternoon. A strong jobs number strengthens the dollar and pressures risk assets. A weak number opens the door for rate cut speculation and could bring buyers back.
The Fear and Greed Index sitting at 18, extreme fear, means the market is not positioned for optimism either way. A week that produced a 15% recovery from lows is ending with sentiment close to where it started.
