The crypto market extended its selloff on Tuesday, with Bitcoin falling below $73,000 for the first time since November 2024, triggering sharp swings across major digital assets.
Bitcoin briefly dropped nearly $1,900 in just 25 minutes, wiping out around $70 million in long positions. Minutes later, prices rebounded by more than $1,200, liquidating another $15 million in short positions — a sign of extreme volatility rather than a clear trend.
The moves came despite the absence of any major negative news.
In fact, the selloff continued even after President Donald Trump said he had an “excellent” phone call with Chinese President Xi Jinping, discussing trade, military issues, and an upcoming visit to China. Trump also said China may increase U.S. agricultural purchases.
Markets largely ignored the update, underscoring that today’s crypto weakness appears driven more by positioning and sentiment than headlines.
Analysts say the sharp moves were amplified by forced liquidations.
As Bitcoin broke below key support levels, leveraged traders were pushed out of positions, accelerating the decline. Once prices bounced, short sellers were also caught off guard, adding to the rapid swings.
This kind of price action is typical during periods of low confidence and high leverage.
Losses were not limited to Bitcoin.
The total crypto market value dropped to about $2.48 trillion, down more than 3.5% in 24 hours.
Market indicators show confidence remains weak.
The Crypto Fear and Greed Index stayed deep in “extreme fear” territory, while momentum indicators suggest the market is oversold. However, analysts warn that oversold conditions do not guarantee an immediate rebound.
Now it remains to be seen whether Bitcoin can stabilize above the $72,000–$73,000 range. A sustained break below that zone could open the door to further losses, while consolidation may allow volatility to cool.
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