Bitcoin Drops to $70,000 Amid Geopolitical Risks and Institutional Selling

Bitcoin has retreated to the $70,000 level due to geopolitical risks and institutional selling pressure. Technical indicators confirm the weakness: the RSI is approaching oversold territory at 33, while the MACD remains negative below the signal line. The price is trading below the 20- and 50-day moving averages, which paints a negative short-term outlook. However, the oversold zone and the psychological support at $70,000 keep the possibility of a modest recovery alive. Still, given the current downward momentum, the bearish trend is expected to persist for some time.

ETH is trading at $1,998, with a 24-hour change limited to +0.1%. The RSI stands at 51, indicating neutral territory, while the MACD shows a slight bullish bias above its signal line. However, the price is hovering just above the 20-day SMA ($1,990) and below the 50-day SMA ($2,002). Bitcoin's decline to $70,000 amid geopolitical risks and institutional selling could create broad selling pressure in the crypto market. As a result, ETH may struggle to find direction in the near term, with consolidation around current levels expected.