Bitcoin Plunges to $60K, Erases Post‑Trump Gains as Altcoins Suffer Double‑Digit Losses
Bitcoin fell sharply over the past week, tumbling from about $84,000 to a low near $60,000 before recovering to roughly $67,000 at press time. The sell‑off erased all post‑Trump election gains from late 2024 and removed roughly $2.6 billion in leveraged positions in a single Thursday liquidation event. Weekly losses were about 18% for BTC. Major altcoins posted larger declines: ETH -28%, BNB -23%, LINK -21%, XMR -26%. One exception, HYPE, rose ~19% in the same period. Market metrics: total crypto market cap ~$2.38T, 24h volume ~$360B, BTC dominance ~56.6%. Analysts cite mixed drivers — geopolitical tensions, a new Fed Chair, and high leverage — and prominent voices reacted: Nouriel Roubini warned of a “crypto apocalypse,” Michael Burry flagged liquidation risk for bitcoin treasury firms, while Tom Lee and Bitwise’s Matt Hougan offered more optimistic or contrarian perspectives. The downturn follows a week of heightened volatility and heavy liquidations; traders should expect continued short‑term pressure, possible volatility around options expiries, and watch for liquidity and leverage metrics to signal stabilization or further downside.
Bearish
The article describes a steep, broad market sell‑off driven by large liquidations and heightened volatility — classic bearish conditions. BTC dropped ~18% weekly and erased prior gains; major altcoins fell deeper (ETH -28%, BNB -23%, LINK -21%, XMR -26%), and a single‑day liquidation wiped out ~$2.6B in leveraged positions. Such heavy forced selling typically accelerates downside and increases intraday volatility as margin calls and deleveraging continue. Short term: expect continued pressure, price whipsaws around support levels, and sensitivity to macro and liquidity events (Fed comments, geopolitical news, options expiries). Medium/long term: recovery depends on reduction in leverage, return of buyer demand, and macro stability; historically, large liquidation events (e.g., March 2020, May 2021, Nov 2022 squeezes) produced sharp capitulation followed by multi‑week consolidation or slow recovery. Traders should monitor on‑chain liquidation metrics, funding rates, BTC dominance shifts, order‑book depth, and major option expiries to time re‑entry or hedges.