Some market analysts have suggested bitcoin could fall further, potentially hitting between $40,000 to $50,000.

The Dow Jones Industrial Average fell 592.58 points, or 1.20%, closing at 48,908.72. The S&P 500 Index slid 1.23% to 6,798.40, pushing the benchmark into negative territory for the year. The Nasdaq Composite dropped 1.59% to 22,540.59. At session lows, losses were even steeper, with the Dow down nearly 700 points.

U.S. Treasury secretary Scott Bessent has warned he wouldn’t be surprised if China is building a U.S. dollar and bitcoin challenger based on

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.

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

Analysts hint at historical Bitcoin data.

According to strategists at JPMorgan Chase, Bitcoin has actually traded with less volatility than gold. It's been a rough go for Bitcoin ( BTC +1.98%), the world's largest cryptocurrency by market cap, which is now down nearly 22% on the year, despite a strong rally on Feb. 6.

Bitcoin crashes 34% to $64K but MicroStrategy's Saylor calls $1M 'inevitable' as Arthur Hayes, Cathie Wood target massive gains amid Fed money printing fears.

Bitcoin reclaimed around half of the losses registered during Thursday’s crypto market meltdown, which was the largest since the collapse of Sam Bankman-Fried’s FTX exchange roiled the digital asset sector more than three years ago.