BTC/USD: Bitcoin Goes Back to Pre-Election with Price Tumbling to $69,000

[zio]

Key points:
Bitcoin prices hit $69,000
Trump’s gains are gone
Ether sheds 30% YTD
Orange coin hasn’t been fashionable for a while. Prices have shed more than 45% from record.

🧊 Back to Square One for Bitcoin

Bitcoin
BTCUSD
slid back to pre-election territory Thursday morning, tagging the $69,000 handle and effectively erasing the post-November 2024 rally that followed Trump’s win. The market just round-tripped months of hype in a few brutal weeks.
The drop marked Bitcoin’s first visit to the $60,000 zone in about 15 months, before buyers stepped in near $69K and steadied price action closer to $71K in early trading.
Speed was of big importance here. Roughly $130 million in leveraged long positions were liquidated in just a few hours, according to CoinGlass, a classic reminder that leverage cuts faster on the way south.
Technicals Start Doing the Talking

From a chart perspective, Bitcoin is now gravitating toward a major long-term reference point: the 200-week exponential moving average. That level sits just below $69,000 and has historically acted as a line between deep corrections and outright trend damage.
Traders are already floating lower targets, with $50,000 popping up as a popular level of interest if selling pressure resumes and that long-term support gives way.
Translation for non-technicians: the market is testing whether this is a nasty pullback inside a cycle or something more structural.
🧠 Macro Pressure Meets Crypto Reality

Analysts point to a fast shift in macro expectations after Kevin Warsh was nominated as the next Federal Reserve chair. The logic is that tighter balance-sheet policy tends to hurt speculative assets first.
Bitcoin is now lower by more than 45% from its record highs, off over 7% this week alone, and nearly 20% lighter on the year. Ether is faring worse, shedding close to 30% year-to-date and hovering near $2,100.
For now, the orange coin has lost its shine. Whether this is a reset or a deeper unwind depends on what happens next at those long-term levels.

source: https://www.tradingview.com/news/tradingview:7ce321559094b:0-btc-usd-bitcoin-goes-back-to-pre-election-with-price-tumbling-to-69-000/