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: Tradingview