Bitcoin extended its decline on Wednesday, falling to its lowest level since November 2024 by dropping below $72,500. The sell-off coincided with weakness in broader macro assets like gold and stocks, with total cryptocurrency market liquidations exceeding $800 million. Trading analysis suggests deeper long-term price levels, including the $70,000 and $50,000 zones, are now coming into focus.
Bitcoin fell further during the US trading session on Wednesday, setting a new low for the move. Data from TradingView showed BTC price dipping under $72,500 on the Bitstamp exchange.
The move beat the prior day’s 15-month low, following a brief relief bounce above $76,000. Macro assets were subdued, with gold failing to recapture $5,000 as support.
Trading company QCP Capital noted in a market update that crypto remains volatile. It stated that a near-term US government shutdown had been avoided, easing headline risk.
Traders are now watching for deeper long-term lows on Bitcoin. Trader Roman wrote in analysis on X that “IF we close sub 74k – its safe to say 50k area is next.”
He further observed, “Notice how volume is high every time price moves down. That tells us when volume comes in – its selling AKA bear market price action!” Another trader, CJ, identified the $59,000 to $65,000 zone as a major downside level of interest.
Data from monitoring resource CoinGlass showed futures long liquidations building above $72,000. Total 24-hour liquidations across cryptocurrency markets surpassed $800 million.
