Bitcoin Struggles Below $70K as Bear Market Fears Intensify

Bitcoin’s price action over the past week has been a textbook case of consolidation under significant resistance. After being halted at the $70,000 and $72,000 levels, BTC tested support at $65,000 last Friday. A bullish intervention sparked a recovery that saw it exceed $70,000 during a weekend rally, but this proved to be another short-term fakeout. By Monday, the asset had lost that coveted psychological level, beginning a gradual descent that culminated in a breakdown to under $66,000 yesterday. Despite a swift rebound to over $68,000 earlier today, another rejection has left Bitcoin trading below $67,000, marking a slightly negative weekly performance.

This choppy, range-bound trading between $66,000 and $70,000 has fueled growing bearish sentiment. Analysts are rushing to interpret the trend, with veteran chartist Willy Woo warning that Bitcoin has strengthened its bear market trend and is approaching the second phase of a multi-stage downturn. The market’s fragility is underscored by extreme predictions circulating, including doomsday scenarios forecasting new lows down to $10,000. The altcoin sector, typically more volatile, has mirrored this indecision, posting no significant directional moves. While XRP, BNB, and ADA are slightly in the green, ETH, LINK, and XLM have registered losses, with more pronounced gains limited to tokens like WLFI, PEPE, and ZEC.

Amid the price uncertainty, notable institutional activity and regulatory developments provide a counter-narrative. MicroStrategy, led by Michael Saylor, has doubled down on its Bitcoin conviction. This week, the company announced the purchase of 2,486 BTC for just under $170 million, despite its enormous stash being deep in the red in terms of unrealized losses. This acquisition brings MicroStrategy’s total holdings to over 717,000 BTC, a staggering accumulation that signals long-term bullishness from one of corporate crypto’s most prominent players.

On the regulatory front, Ripple CEO Brad Garlinghouse has injected optimism into the long-running debate over U.S. crypto legislation. Following recent meetings on the highly anticipated CLARITY Act, Garlinghouse predicted the bill has a 90% chance of approval soon, citing high bipartisan interest. While banks, the crypto industry, and lawmakers continue to seek a resolution, this progress suggests a potential landmark shift in the regulatory landscape that could provide much-needed clarity for the entire sector.

While Bitcoin battles price resistance, Ethereum is undergoing profound structural changes. The Ethereum Foundation published its 2026 roadmap, flagging post-quantum security as a core priority alongside further increases to the gas limit. The foundation also plans to restructure its development efforts into three core tracks covering scaling, user experience, and Layer 1 security. This forward-looking plan addresses both immediate scalability concerns and existential future threats.

Concurrently, a milestone was reached in Ethereum’s transition to proof-of-stake. Data from analytics firm Santiment indicates that over half of ETH’s total supply is now held by Ethereum’s staking contract address for the first time in the asset’s eleven-year history. This demonstrates robust validator participation and network security commitment. The focus on quantum threats extends beyond Ethereum. CryptoQuant’s founder has proposed freezing old Bitcoin addresses to prevent future quantum attacks, highlighting how quantum computing has become a central concern within the broader cryptocurrency community, prompting preemptive discussions on safeguarding assets.