Bitcoin Price Analysis: BTC Briefly Reclaims $70,000 But Momentum Remains Weak

Bitcoin (BTC) briefly reclaimed the $70,000 mark late on Friday, reaching an intraday high of $71,605. However, it failed to retain momentum and slipped to its current level of $67,915. Despite the decline, the flagship cryptocurrency remains up over 3% in the past 24 hours. 

Bitcoin (BTC) slipped below the $60,000 mark on Friday as selling pressure reached unprecedented levels, with some analysts warning that the market bottom may not be in, even at these levels. However, oversold conditions indicate downside pressure may have peaked, as dip buyers enter the fray. 

Google Search Activity For “Bitcoin” Surges 

Google search activity for the term “Bitcoin” surged as the flagship cryptocurrency briefly fell below $60,000. According to Google Trends data, search activity for “Bitcoin” reached 100 over the past week, the highest reading in the past twelve months. Google search data is a commonly used indicator among cryptocurrency analysts to gauge retail interest in Bitcoin and the broader cryptocurrency market. Search interest typically jumps during rallies or sudden sell-offs. Bitcoin fell from $81,500 to around $50,000 in roughly five days before rebounding and briefly reclaiming $70,000. 

Some analysts stated that BTC’s current price levels could attract attention from a broader retail audience, with Bitwise’s head of Europe, Andre Dragosch, stating, 

Dip Buying Returns 

The cryptocurrency market made a strong rebound on Friday as Bitcoin (BTC), Ethereum (ETH), and other tokens bounced to reclaim key levels. The flagship cryptocurrency briefly lost the $60,000 mark on Thursday, resulting in the liquidation of $1.1 billion in BTC longs. Investors began accumulating again at lower levels as Bitcoin finally saw a dip buying in force. Binance’s Secure Asset Fund for Users (SAFU), an insurance fund established by Binance, bought 3,600 BTC worth $250 million for $65,000 per coin. The purchase comes after Binance’s recent announcement stating that it plans to convert $1 billion SAFU reserves into Bitcoin over the next 30 days. 

Several crypto hedge funds have also begun buying the dip. According to Bitwise Head of Research, Andre Dragosch, the aggregate market beta across all global crypto hedge funds hit its highest level in two years as BTC weakened. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) briefly rallied past $70,000 on Friday as retail and dip buyers lifted the price from a multi-year low of $60,000. The flagship cryptocurrency plunged nearly 14% on Thursday before bouncing back 12.30% on Friday. However, volatility and selling pressure have returned during the ongoing session, with the price down almost 2%. 

While Bitcoin has rebounded strongly from Friday’s lows, derivatives metrics indicate substantial caution among investors as demand around the $70,000 mark remains constrained. BTC’s relief rally also lost steam around the $70,000 mark as prices crashed to $67,000 before recovering. Liquidations of around $1.8 billion worth of leveraged bullish futures contracts have got investors fearful that major hedge funds or market makers may have blown up. The latest downturn was preceded by three weeks of consistent downside pressure. 

The lack of conviction is also visible in the Bitcoin options markets. Excessive demand for put (sell) options has pushed the skew metric above 6%, indicating prevailing bearish sentiment. The options skew metric reached 20% on Friday, a level that indicates widespread market panic. BTC’s crash to $59,000 wiped out $1.1 billion in leveraged longs, with data from CoinGlass showing over $2.4 billion in crypto liquidations over the past 24 hours. 

Bitcoin ended the previous weekend in the red, dropping nearly 3% on Sunday to $86,561. The price recovered on Monday, rising almost 2% to cross $88,000 and settle at $88,250. Buyers retained control on Tuesday as the flagship cryptocurrency rose 0.98% to $89,116. BTC briefly crossed the $90,000 mark on Wednesday, reaching an intraday high of $90,476 before settling at $89,162. Selling pressure returned on Thursday as BTC plunged over 5% to $84,513. Buyers retained control on Friday as the price fell to $81,000 before settling at $84,110.

Source: TradingView

Selling pressure intensified on Saturday as BTC plunged below the key $80,000 mark, falling to a low of $75,644 before settling at $78,648. Price action remained bearish on Sunday as BTC fell 2.24% to $76,895. The current week started with BTC falling to $74,502, its lowest level since April 2025. The price recovered to reclaim the $78,000 mark and settled at $78,666. Selling pressure returned on Tuesday as BTC plunged to a low of $72,859 before settling at $75,661. Sellers retained control on Wednesday as the price fell 3.52% to $72,998. Selling pressure intensified on Thursday as BTC plunged nearly 14% to $62,791. The price dropped to a low of $60,000 on Friday as selling pressure peaked. However, it rebounded from this level, rising over 12% to reclaim $70,000. Volatility and selling pressure have returned during the ongoing session, with BTC down over 15 at $69,621.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.