Bitcoin’s downward trend has continued over the past several days, reaching fresh multi month lows. The latest drop pushed the price to well below $67,000, showing little sign of relief for the market leader.
Bitcoin was last seen at these levels in early November, around the time of the US presidential election that led to Donald Trump being referred to as a crypto friendly president.
The past few weeks have been especially punishing for Bitcoin. Just eight days ago, it was testing the $90,000 level, but a strong rejection there triggered a sharp reversal that spread across the broader crypto market.
Following that setback, Bitcoin fell to $81,000 last Thursday and then slipped below $75,000 over the weekend as selling pressure intensified. The decline accelerated again in recent hours, with BTC dropping to around $66,900 at the time of writing. In just over a week, Bitcoin has lost more than $20,000 in value.
Altcoins have suffered alongside Bitcoin. Ethereum extended its steep decline with another nine percent drop in the past twenty four hours, falling below $2,000 for the first time since April. BNB declined by around ten percent to near $660, while XRP plunged roughly fifteen percent over the same period to about $1.32.
Heavy losses were also recorded across other tokens. ZEC dropped close to nineteen percent, MORPHO and NEXO fell by about fourteen percent each, XMR and LEO declined twelve percent, and SUI slid eleven percent, among many others. As a result, traders using high leverage were hit particularly hard.
Data from CoinGlass shows that liquidations over the past twenty four hours have climbed beyond $1.3 billion. In the last hour alone, forced closures reached roughly $350 million. Nearly 300,000 traders were liquidated during the day, with the largest single position occurring on Aster and valued at more than $11 million.
