Bitcoin tests $73,000 level…gives back all gains since Trump’s election win

Bitcoin slid toward the $73,000 level, erasing all of the gains built up since Donald Trump was elected U.S. president. Growing on-chain loss supply and large-scale liquidations have combined to intensify corrective pressure.

According to The Block on the 3rd (local time), Bitcoin fell intraday to around $73,000, returning to early-November levels last year. It was the first time Bitcoin had traded below $74,000 since before Trump’s election victory was confirmed.

Trump’s win fueled expectations for a crypto-friendly policy stance, acting as a catalyst for Bitcoin’s bull market. Bitcoin subsequently climbed to a record high of $126,080 on October 6, 2025, but has dropped about 30% over the past month, shifting into a clear downtrend.

On-chain data show a rapid increase in supply that has moved into loss territory. Glassnode manager Shaun O’Rourke said 44% of the total Bitcoin supply is now underwater versus its acquisition price. As a result, the share of supply in profit has fallen from 78% to 56%.

“Investors who bought near the all-time high are now sitting on losses,” O’Rourke said, adding that supply concentrated near recent peaks is being put to the test and that their conviction and patience will be tested over the coming weeks to months.

Volatility also picked up in derivatives markets. According to CoinGlass, roughly $122 million in long positions and $26 million in short positions were liquidated over the past hour. Total liquidations over the past 24 hours reached about $663 million.

Technical indicators are also weighing on sentiment. Bitcoin’s relative strength index (RSI) fell to around 30, the conventional oversold threshold. During the 2022 bear market, when the RSI approached this level, Bitcoin fell an additional roughly 20%; a simple extrapolation has led some to argue there is room for further downside toward the $60,000 level.

Bitcoin’s weakness spread across the broader market. Ethereum slipped below $2,200, falling more than 9% in a day, while Solana dropped more than 7% below $100. XRP fell 6.6% to about $1.52, and among the top 25 tokens by market cap, Canton plunged more than 10% to around $0.17.

Crypto-related stocks also moved lower. Coinbase shares fell more than 6%, and Strategy, a Bitcoin-holding company, slid more than 8%. Terawulf, however, extended gains on news of an artificial intelligence infrastructure acquisition.

Some in the market say concerns about a U.S. government shutdown and broader macro uncertainty are weighing on risk assets overall. Still, the prior day saw net inflows of $561.90 million into spot Bitcoin ETFs, halting a two-week streak of outflows—an element seen as a near-term variable to watch.