Bitcoin Falls Below $71,000 Amid Concerns of Market Weakness
Bitcoin Almost Drops To $70,000: 'Imagine How Much Weaker It Will Be When Nasdaq Has A Correction,' Peter Schiff Says

Image: Benzinga
Bitcoin (BTC) dropped below $71,000 for the first time in weeks, raising concerns among analysts about its vulnerability in a potential stock market correction. Peter Schiff warns that Bitcoin's weakness could worsen if the Nasdaq experiences a downturn, while analyst Benjamin Cowen predicts a brief bounce before further declines.
- 01Bitcoin fell below $71,000 for the first time in weeks, indicating market weakness.
- 02Peter Schiff warns that Bitcoin's current weakness could worsen during a Nasdaq correction.
- 03Analyst Benjamin Cowen anticipates Bitcoin will briefly bounce to $70,000 before declining to February 2026 lows around $62,000.
- 04The rising channel that supported Bitcoin from March to May has been invalidated, indicating bearish momentum.
- 05The MACD indicator shows concerning signals with a histogram at negative 1,363, suggesting further declines may be imminent.
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Bitcoin (CRYPTO: BTC) experienced a decline below $71,000 on Monday, marking its first dip below this threshold in weeks. This drop has raised alarms among analysts, particularly Peter Schiff, who highlighted the disparity between Bitcoin's performance and the Nasdaq's record highs. Schiff cautioned that if Bitcoin is struggling now, its value could plummet further during a stock market correction. Analyst Benjamin Cowen also weighed in, predicting that Bitcoin might briefly bounce back to $70,000 before returning to lower levels, potentially hitting $62,000 by February 2026. The invalidation of the rising channel that supported Bitcoin earlier this year, combined with bearish indicators such as the MACD histogram at negative 1,363, suggests a challenging outlook for Bitcoin. With significant resistance levels above its current price, the cryptocurrency faces potential further declines if it cannot reclaim the $73,500 mark.
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