Bitcoin drops to lowest level since day after Trump’s election win
Bitcoin dropped to its lowest level since November 6, 2024, the day after the US presidential election, when it had been in ascendance amid unbridled enthusiasm about the incoming “crypto president.”
While the asset had a quick rebound from the weekend bloodbath, it is now down 2.2% in the past hour, which has brought the price below its lows seen in the sessions following the announcement of reciprocal tariffs on “Liberation Day” in April 2025.
It briefly broke below $74,000 and, according to Bernstein analyst Gautam Chhugani, could still “bottom out” in the $60,000 levels.
Several experts said bitcoin was in the throes of a bear market, including Bitwise CIO Matt Hougan, who nevertheless said it was “close to an end.”
Bitfinex analysts said that the broader flow picture suggests a clear risk-off rotation, with investors reallocating toward cash and gold amid rising macroeconomic and political uncertainty.
“In this environment, the lack of ETF absorption has amplified downside volatility, reinforcing the importance of institutional spot demand as a stabilizing force during periods of market stress,” they said.
