Bitcoin plunged in a violent 12-hour sell-off, briefly wicking down to $75,678 and falling back into the $70,000 range for the first time in nearly 300 days. The move marked its lowest level since April 2025. Before publication, BTC had recovered above $78,000, with its 24-hour loss narrowing to 6.3%. Ether also broke below the $2,500 level, while the broader altcoin market moved sharply lower.
The drop unfolded during a weekend period of thinner liquidity. Once Bitcoin lost the $80,000 line, a wave of leveraged positions was forced out as automated stop-loss orders and liquidations kicked in. Selling accelerated quickly. The market then entered a cascade driven by leverage unwinds rather than a single headline event.
Nearly $180 Billion Wiped Out Across the Market
According to Coinglass, the total crypto market lost nearly $180 billion in value over the past 24 hours. More than 426,000 traders were liquidated during the same period. The largest single liquidation came from the ETH-USD pair on Hyperliquid, with a position valued at $220 million.
Major altcoins were hit as well. SOL briefly fell below $100, while BNB dropped under $800. Most of the top 10 altcoins posted losses in the 5% to 10% range, with Tron showing a smaller decline than Bitcoin.
Attention Turns to the $76,000 Area
The source described the market as being in a phase of “deep demand testing.” Several pressures were cited at once: weak weekend liquidity, rising geopolitical tension tied to the worsening US-Iran situation, turbulence in precious metals, and net outflows from spot Bitcoin ETFs. No single, clearly defined negative catalyst dominated the session, but the combination amplified the move.
Traders are now watching the $76,000 area closely for support. The report noted that this level matches Strategy’s average cost basis. With heavily leveraged speculators pushed out, the next question is whether selling pressure starts to fade and whether institutions or large holders step in at these levels.