Bitcoin in freefall hitting lowest price since Trump took office as leverage turns a macro wobble into a brutal cascade

Bitcoin experienced a sharp selloff, briefly dropping below $73,000, marking its lowest price since the Trump administration and the weakest level since the November 2024 Presidential Election. This decline was triggered by broad risk-off sentiment stemming from concerns over a more hawkish Federal Reserve chair nomination by Trump, coupled with negative news from the tech sector like Microsoft Azure's growth disappointment. The initial macro-driven selling was amplified into a brutal cascade by a massive unwind of leverage, resulting in over $2.5 billion in Bitcoin liquidations, exacerbated by thin weekend liquidity. The lack of consistent institutional buying, evidenced by uneven ETF flows, provided no buffer against this forced selling. Technically, Bitcoin broke below its 2024 all-time high of $73,500, shifting the burden of proof to buyers, with immediate support clustered around $73,000-$73,500, while a sustained recovery requires holding above $74,500 and fading liquidation pressure.

(Source：CryptoSlate)