If Bitcoin breaches this level, ‘dominoes can tumble’, warns senior strategist 

The charts comparison with the S&P 500 highlights Bitcoins role as a leading indicator for broader risk sentiment. Historically, sustained Bitcoin weakness has coincided with or preceded equity market drawdowns. With stock indices still elevated, a failure to hold $64,000 could signal rising stress across risk assets.

“The graphic shows Bitcoin reverting to its mean and mode from the election year at about $64,000 — a potential line in the sand. If $64,000 is breached, dominoes can tumble, with the stock market potentially next,” he said.

McGlone cautioned that a decisive break below this level could accelerate downside momentum, prompting a wider reassessment of risk exposure and potentially spilling over into equities and other risk-sensitive markets.

Bitcoin price volatility

His outlook comes as Bitcoin rebounded modestly after a volatile week that saw the cryptocurrency briefly dip below $61,000, confirming a deepening bear phase. The flagship digital asset has fallen nearly 45% from its all-time high of approximately $126,000 in October 2025, erasing post-election gains and entering what analysts describe as a classic crypto-winter correction.

On February 5–6, BTC experienced its steepest single-day drop since late 2022, plunging 15% before surging 11% in a sharp rebound that briefly pushed prices back above $70,000.

Notably, the crash was triggered by several factors, including macroeconomic pressures such as tariff uncertainties, Federal Reserve policy doubts, and broader risk-asset volatility, alongside a reversal in institutional flows into U.S. Bitcoin ETFs, which have recorded net outflows in early 2026 after strong inflows previously.

At the same time, on-chain metrics show mixed signals: retail wallets are accumulating aggressively on dips, defending support near the $60,000–$63,000 range, while larger holders are distributing, capping upside momentum.

By press time, Bitcoin was changing hands at $69,464, up about 2% over the past 24 hours, while on the weekly timeframe, the cryptocurrency remains down roughly 11%.