Bitcoin can’t find its footing.

On Thursday, the top crypto plunged to $67,000, breaching a critical support and sailing through an “air pocket,” where a minimal amount of transaction history failed to provide any cushion whatsoever, according to André Dragosch, European head of research at Bitwise.

“More transactions have clustered around the $58,000 - $69,000 area,” he added.

An air pocket in trading refers to a price range in which very few coins change hands.

When prices fall through these zones, there’s little historic buying interest to stop the fall.

Bitcoin is now down more than 20% in the past week, and has lost nearly half of its value since its October 2025 all-time high.

And there seems to be no end in sight.

Bitcoin’s plunge coincided with a broader market selloff as weak jobs data spooked investors already jittery about AI spending and economic fragility.

But traders didn’t just sell their equities. Gold is also down 13% in the past week, while silver is down 36% over the same time period.

Moreover, the collapse through the “air pocket” marks a psychological inflexion point for Bitcoin investors who’ve watched the top crypto shed nearly half its value in just four months.

To make matters worse, what was supposed to be a triumphant year — with Trump in the White House, spot exchange-traded funds flowing, and institutional adoption acceleration — has quickly turned into a rout.

Capitulation event

Bitcoin’s latest slip triggered the crypto’s second-largest capitulation spike in two years, according to Glassnode data, signalling forced selling and panic across the market.

“These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning,” wrote Glassnode.

That means that investors are being liquidated or panic-selling to limit their losses.

The $69,000 level is also significant because it represents Bitcoin’s previous cycle all-time high from November 2021.