Bitcoin has extended its weekly slide to over 15%, hitting a 15-month low of $73,111 before partially rebounding to $74,744. The decline coincides with broad market sell-offs, including tech stocks like PayPal and traditional indices. Other major cryptocurrencies like Ethereum and Solana have fallen even more sharply. Analysis suggests Bitcoin may trend lower towards its $58,000 moving average, while gold surges, challenging Bitcoin’s debasement trade narrative. Prediction market sentiment has flipped, now favoring a drop to $69,000 before any rally to $100,000.
Bitcoin fell to a daily low of $73,111, its lowest mark in 15 months, before partially rebounding to $74,744. The asset has declined over 4% on the day, extending its weekly slide to more than 15%.
The slide comes amid tumbling prices across crypto and traditional markets, where indices like the S&P 500 and Nasdaq Composite have fallen 1.41% and 2.22%, respectively. Popular tech stocks such as payments firm PayPal dropped more than 19% following its earnings report, amid a partial U.S. government shutdown now in its fourth day.
Crypto-related equities like Coinbase and treasury firms Strategy and BitMine Immersion Technologies are all down more than 7% since the opening bell. This decline occurs despite recent accumulation from firms like Cathie Wood’s Ark Invest.
Bitcoin’s peers like Ethereum and Solana have fared worse, dropping 9.6% and 7.1% to $2,118 and $97.10, respectively. These coins now sit 57% and 67% below their respective 2025 all-time highs, below their marks from last April’s market bottom.
Bitcoin led crypto liquidations over the last day, responsible for nearly $234 million in long liquidations according to data from CoinGlass. All told, some $659 million worth of positions have been liquidated in the last 24 hours.
Galaxy Digital Head of Research Alex Thorn pointed to structural weakness in Bitcoin’s price and its lack of near-term catalysts. He suggested that BTC may trend even lower towards its 200-week moving average of $58,000.
Thorn highlighted the asset’s “debasement trade” narrative violation compared to gold, which made a new all-time high above $5,600 per ounce last week. Gold jumped nearly 6% on Tuesday to $4,924, partially rebounding from a pre-weekend plunge.
Cathie Wood, who has a vested interest in Bitcoin’s performance, recently told investors that gold is in a current bubble—not artificial intelligence, as many investors have feared. Wood’s firm has exposure to Bitcoin through accumulation via Ark Invest.
Bitcoin’s drop has led to a major flip in sentiment on the Myriad prediction market, where predictors now favor the asset dropping to $69,000 before pumping to $100,000. Last week, odds stood as high as 70% in favor of the jump to $100,000, but now favor the drop at 75%.
