Bitcoin fell below $71,000 Wednesday, extending its slide from October highs, as Michael Saylor's Strategy sold 32 BTC — its first sale since 2022. The drop, which pushed the token down over 3% on the day, came as U.S.-Iran peace negotiations were suspended, adding fresh uncertainty to already fragile markets.
Breakdown below key support
Bitcoin broke a four-month ascending channel and lost the critical $70,000 support level intraday, according to data from multiple exchanges. The move marks a continuation of the downtrend from the October 2025 peak of $126,000 — a drop of roughly 42%. Historical bear markets have been worse: losses of 87% in 2013, 84% in 2017, and 77.5% in 2021. But this cycle's drawdown is already the deepest since the 2022 rout, and the speed of the decline has caught some traders off guard.
Strategy's tiny but symbolic sale
Strategy, the corporate Bitcoin giant formerly known as MicroStrategy, sold 32 BTC on Wednesday. It's a trivial amount compared with its roughly 500,000 BTC stash, but notable because the firm hadn't sold a single coin since 2022. The sale comes as the company's stock (ticker: MSTR) has also taken a beating this year. No reason was given for the transaction, but it suggests Saylor's team is willing to trim positions when cash is needed — even if only a tiny slice.
Analyst sees long-term $250,000 target — after a deeper bottom
Crypto analyst Aralez argues Bitcoin is entering an accumulation zone that could set the stage for a rally to $250,000 by 2029. But the path there isn't straight. Aralez projects the price could bottom around $40,000 between now and early next year before mounting a sustained run. That would represent another 43% decline from current levels — a painful stretch for anyone who bought near the top.
The $70,000 level was a pillar for Bitcoin throughout early 2026. Losing it, even briefly, opens the door to a test of lower supports. The next concrete floor, per Aralez, sits near $40,000 — a zone where accumulation could really kick in. For now, though, the geopolitical headwind from the collapsed Iran talks is the immediate story. Traders are watching for any sign of a ceasefire or renewed negotiations that could ease the pressure.
