Bitcoin is in 'full capitulation mode' as the token tumbles below $70,000

Bitcoin dropped below $70,000 on Thursday, hitting a 15-month low.

illustration by Cheng Xin/Getty Images

• Analysts are eyeing even steeper losses for bitcoin after the crypto broke below $70,000 on Thursday.
• The token has been caught in a sustained downturn since peaking in October.
• Some say the crypto could find support at its 200-week moving average, which hovers around $58,000.

The pain for bitcoin is worsening.

Fear of an even more prolonged downturn...