There was a time when bitcoin touched $69,000, and that threshold felt like a sacred door. Then other records quickly placed this moment in the brilliant archives of the crypto market. Today, the scalpel returns to this old euphoria: beneath the political bandages, the body of bitcoin shows its fractures.
In brief
- Bitcoin is now trading below its electoral level despite a historic surge fueled by massive ETFs.
- Institutional capital outflows have seriously weakened the crypto market for several months now.
- The psychological support of $60,000 is focusing all the attention of global investors.
- Several analysts see historical signals emerging associated with previous major bitcoin lows.
Bitcoin loses the magic scent of “Trump Trade”
The “Trump Trade” transformed bitcoin into a political trophy after the US election in November 2024. BTC was worth around $69,355 on election day, then jumped above $75,000 the next day. Then, euphoria took the crypto market towards $109,000 in January, before peaking near $126,080 in October 2025.
From now on, the blowback is brutal. Bitcoin is trading around $60,619 in the data cited by Decryptor 12.6% below its electoral level. He is also almost 52% away from his all-time high. Even Trump's recent promise to never give up on crypto no longer produces the same anesthetic.
The market opened the file, put down its gloves, then noticed one simple thing: policy does not replace liquidity in the long term.
Below $60,000, the crypto market undergoes an autopsy
The $60,000 threshold becomes the cold table where crypto traders examine bitcoin without makeup. BTC briefly broke this zone for the first time since 2024, reawakening the relapse scenarios.
Matt Mena at 21Shares believes a clean break could send bitcoin towards $55,000. This level corresponds to the average realized price, often defended during major crashes.
Ali Charts brings a more nervous on-chain reading:
Historically, bitcoin has tended to form big lows when more than 10 million coins were held at a loss. This threshold has now been reached, with 10.46 million BTC currently underwater.
Source: X / @alicharts
This signal does not guarantee a bounce. Above all, it shows that selling pressure can approach its point of exhaustion.
After Trump euphoria, macro takes up the scalpel
The turnaround does not come with a single stab. Bitcoin ETFs attracted more than $62 billion in assets at the 2025 peak, then outflows resumed. As of January 2026, more than $1.5 billion has left these products according to Decrypt. Then, the war in Iran, the risks of rate hikes and the rotation towards AI thickened the fog.
Even Michael Saylor has started the myth. Strategy sold 32 BTC for around $2.5 million in late May. The gesture remains small, but it cuts a narrative artery: the eternal buyer is no longer completely immobile.
Ali Charts also points to other sensitive areas:
I think the best risk-reward opportunities generally appear when bitcoin falls into the MVRV 1.0 and 0.8 price bands. These levels currently sit at $53,900 and $43,130.
Source: X / @alicharts
The numbers traders dissect
- The price of bitcoin is $62,805 at the time of writing;
- The all-time high remains near $126,080;
- Bitcoin ETFs lose 1.5 billion in January;
- Strategy sells 32 BTC for 2.5 million.
The most disturbing thing remains this impression of a dark remake. Four years later, bitcoin seems to be replaying certain sequences of the 2022 bear market. Same clinical setting, same supports questioned, same fear of a deeper capitulation under the bandages.
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