Wintermute analysts have identified the condition under which Bitcoin could fall to $70,000

The price of Bitcoin could drop toward $70,000 if the leading cryptocurrency fails to hold the $76,000 support level, according to analysts at the market maker Wintermute.

Experts noted that Bitcoin has been declining for three consecutive weeks, having approached the $80,000 mark three times during this period. Previously, the $82,500 level acted as a barrier to growth before shifting to become a support level. Following the latest price drop, this level has once again turned into resistance, the analysts suggest.

Wintermute attributes Bitcoin’s weakness to the performance of U.S. technology stocks. The cryptocurrency is increasingly mirroring the movements of the Nasdaq stock index, while inflows into spot Bitcoin ETFs have given way to capital outflows. According to the experts, a sell-off in shares of tech giants could intensify pressure on the crypto market.

The analysts identified the upcoming meeting of the U.S. Federal Reserve (Fed) as a pivotal event. While investors expect interest rates to remain unchanged, the comments from Kevin Warsh—a potential candidate for the Fed’s leadership—will be of particular significance. If the Fed signals a possible rate hike in December, U.S. Treasury yields could rise, creating additional risk for the price of Bitcoin. Conversely, the absence of such a signal could help the price recover toward $82,500, the Wintermute experts believe.

Previously, Wintermute suggested that Bitcoin could continue its upward trajectory if it breaks past the $87,000 mark. Otherwise, the experts indicated that the price could decline to levels slightly above $70,000.