Bitcoin price experienced a significant drop to nearly $75,000 yesterday amid a relentless and intense sell-off, which wiped out over 10% from recent peaks and brought the asset below $80,000 for the first time since April 2025. Recent data indicates that BTC experienced a significant drop, plummeting from a 24-hour high of $84,356 to a low of $75,644 within just a few hours, as sellers dominated bid support on major exchanges. The move represented one of the sharpest single-day drops of the year, leading to extensive liquidations across derivatives markets. The sell-off intensified as bitcoin struggled to maintain support around $82,500. Once that level broke, the price surged rapidly through thin liquidity zones, showing minimal signs of sustained dip-buying until reaching the mid-$70,000 range. Traders characterized the move as a deleveraging event instead of a slow risk-off rotation. On the daily chart, the bitcoin price has fallen below a rising trendline that has been in place since late December.
The price has notably fallen below the 50-day exponential moving average around $90,000, transforming that threshold into a zone of overhead resistance, as reported. Volume surged amid the breakdown, indicating that forced exits and margin liquidations were at play, rather than mere low-conviction selling. In the face of a significant downturn, on-chain data indicates a resurgence of interest from fresh buyers. Recent network data indicates a significant uptick in the creation of new bitcoin addresses within the last 24 hours, marking the largest daily rise seen in almost two months. Bitcoin’s decline surpassed the recent downturns seen in traditional markets, yet it managed to perform better than gold in that timeframe.
During the recent sell-off, BTC experienced a decline of approximately 6% to 8%, while gold faced an even sharper downturn, highlighting bitcoin’s resilience amid the market turbulence. Traders indicate that the downside risk continues to be high until bitcoin price manages to reclaim the $82,000 to $84,000 range. The upcoming crucial support area is located in the low-to-mid $70,000s, as attention turns to the market’s ability to find stability in the longer term. The U.S. government has officially entered a partial shutdown as Congress was unable to pass a full-year spending package by the midnight deadline on Friday, resulting in several major departments being left temporarily unfunded. The Senate has greenlit a funding agreement aimed at sustaining the majority of agencies until September, alongside a two-week stopgap for Homeland Security. However, this measure is pending House approval, which will only take place once lawmakers reconvene from their recess on Monday.
The deadlock stems from Democratic calls for revisions to immigration enforcement protocols after the tragic shooting of two U.S. citizens in Minnesota, while rifts continue to exist within the House GOP. As of now, bitcoin is priced at $77,825, reflecting a 7% decrease in the last 24 hours, with daily trading volume hitting $75 billion.