Bitcoin is reclaiming its place among the favorite assets of thrill-seeking speculative traders.

Some market watchers have suggested $70,000 is a key level to watch and a break below that could lead bitcoin to decline further.

“$50,000 bitcoin is first target support toward $10,000," Bloomberg Intelligence strategist Mike McGlone wrote in a LinkedIn post, going on to warn that 2026 could be “be reminiscent” of the 2008 global financial crisis and the 2000-1 dot com crash for markets across the board.

Treasury secretary Scott Bessent said he doesn’t have the power to bail out Bitcoin. During a House Financial Services Committee hearing yesterday, Treasury Secretary Scott Bessent said he could not ask that banks prop up Bitcoin in the case of a crash. Crypto investors are responsible for their own risk.

Self-proclaimed billionaire Grant Cardone announced he is selling his private jet as bitcoin prices crashed this week. Newsweek reached out to Cardone via email for comment.

Strategy, Michael Saylor's iconic bitcoin treasury, has seen its stock plunge and its cost basis for its bitcoin trove soar amid the token's bear market.

Bitcoin's slump alongside other digital asset prices coincides with investor concerns about inflated tech valuations.

The current price range, even after the rebound, also provides a challenge for Bitcoin miners. As CoinDesk reports, the current Bitcoin price is well under the average cost of $87,000 to mine a single Bitcoin. The outlet notes that this has traditionally been one of the signs of a bear market.