Bitcoin falls below $70,000 in rangebound trade ahead of key U.S. data

Investing.com-- Bitcoin failed to hold on to recent gains, slipping below $70,000, as investors turned cautious ahead of key U.S. jobs and inflation figures.

The world’s largest cryptocurrency last traded 2.5% lower at $69,182.2 by 14:53 ET (19:53 GMT).

"Bitcoin fell back below $70,000, trading near $69,000 after failing to sustain Monday’s rebound. Despite elevated volatility, institutional positioning showed resilience as U.S. spot bitcoin ETFs recorded back-to-back net inflows of approximately $516 million, lifting total ETF net asset value to around $90 billion, or roughly 6.5% of Bitcoin’s market capitalization," Dessislava Ianeva, analyst at Nexo Dispatch, said. 

"Market conditions remain consolidation-driven, with cautious derivatives positioning, neutral funding rates, and a continued decline in open perpetual futures to around $22 billion. Spot volumes have moderated sharply, with February activity running at roughly 38% of 2025’s average, indicating thinner liquidity and price moves driven more by confidence than flows," she said. 

"Bitcoin balances on exchanges have declined since peaking on February 5, suggesting some easing in immediate selling pressure," Ianeva said.  

Bitcoin stuck between $68k and $72k ahead of US data

Bitcoin prices largely ranged between $68,000 and $72,000 in recent sessions, after a tumultuous previous week when bitcoin slumped as low as roughly $60,000 - levels last seen since October 2024 - before a relief rally pushed the largest cryptocurrency back above $70,000.

The slide came amid liquidation-driven selling as leveraged positions were unwound on sharp declines.

Investors’ focus now centers on U.S. macroeconomic data that could shape expectations for Federal Reserve policy.

The release of monthly U.S. jobs figures, delayed by a brief government shutdown, is due on Wednesday.

Later in the week, U.S. Consumer Price Index (CPI) data is scheduled for Friday, a key gauge of inflation that could influence rate-cut bets.

Markets also remain cautious about the impending change in Fed leadership following President Donald Trump’s nomination of Kevin Warsh as the next Fed chair.

Traders are weighing how a potentially more hawkish stance under Warsh could affect liquidity and speculative assets like Bitcoin.

S. Korean crypto exchange’s $44 bln blunder

South Korean cryptocurrency exchange Bithumb accidentally sent about $44 billion worth of bitcoin to users during a promotional reward event, prompting calls for tougher regulation by the country’s financial watchdog.

The error occurred on Friday when the exchange mistakenly credited accounts with 620,000 bitcoins instead of small cash prizes, triggering a sharp sell-off before the glitch was detected, and 99.7% of the coins were recovered.

Lee Chan-jin, governor of the Financial Supervisory Service, said the incident revealed structural problems in electronic systems for virtual assets and underscored the need for improved oversight mechanisms and legislation to bring digital assets under firmer regulatory control.

Crypto price today: altcoins remain subdued

Most altcoins also fell on Tuesday.

World no.2 crypto Ethereum lost nearly 5.1% to $2,020.70.

World no. 3 crypto XRP fell about 3.3% to $1.40.

Solana and Cardano slipped 5.4% and 3%, respectively. 

Among meme tokens, Dogecoin shed 3.2%.

Ayushman Ojha and Vahid Karaahmetovic contributed to this article