Bitcoin fell to a new 2026 low of $72,945 on Tuesday after bulls failed to hold the $73,000 level, erasing gains since President Donald Trump’s election-night win.
Slide back to pre-election levels
Bitcoin was trading around $73,000 shortly before publication, a zone last seen in early November 2024.
After moving sideways in the mid-$80,000s in early 2025, bitcoin later hit an all-time high near $126,080 on Oct. 6.
The move lower leaves bitcoin roughly 45% off that peak.
Glassnode flags supply “underwater”
Glassnode account manager Sean Rose said 44% of bitcoin supply is now “underwater” after a roughly 30% drop over the past month from a recent high near $108,000.
Rose said:
“Top buyers near the ATH are now holding at a loss.”
Rose added:
“Concentrated supply with cost basis near recent highs is being tested.”
He also warned:
“These investors’ conviction and patience will be tested in the coming weeks and month.”
Liquidations and momentum signals
Coinglass data showed more than $122 million in long positions and $26 million in shorts liquidated, contributing to about $663 million in liquidations over the past day.
Bitcoin’s Relative Strength Index is hovering near the oversold level of 30, similar to levels seen around the 2022 bear-market bottom, which was followed by another roughly 20% decline.
Stocks and ETF flows
The sell-off coincided with broader market weakness, including a 2.2% drop in the Nasdaq Composite amid macro uncertainty and shutdown concerns.
Spot bitcoin ETFs posted $561.9 million in net inflows on Monday, reversing two weeks of selling.
Crypto-related equities also fell, with Strategy down over 8%.
