Updated on February 28, 3:51 AM UTC: This article has been updated to reflect the total liquidation amount and the industry's response to Bitcoin's price movements.
Due to the macroeconomic uncertainty exacerbated by the tariffs proposed by U.S. President Donald Trump, Bitcoin's price has fallen below $80,000 for the first time since November.
According to data from TradingView, on February 27, Bitcoin (BTC) plummeted to $79,752. Data from CoinGlass shows that its price dropped by 2.65% in the past hour, leading to $100.01 million in long positions being liquidated.
In the past hour, $100.01 million in Bitcoin long positions were liquidated. Source: CoinGlass
The last time Bitcoin traded at this level was on November 11, just days after Trump was elected President of the United States, when the market was optimistic about his pro-cryptocurrency policies, believing this would lead to a surge in Bitcoin by 2025.
In recent days, most cryptocurrency traders considered $82,000 to be a potential support level for Bitcoin, but now many are preparing for the possibility of Bitcoin's price moving towards $70,000.
Cryptocurrency trader dmac stated in a post on X on February 27: "Buyers at the dip have been trapped. I still think $70,000 is the target price." Since the favorable election poll results for Trump on November 5, 2024, Bitcoin's trading price has failed to break through $70,000.
Anonymous cryptocurrency trader Mandrik added: "If you like $80,000 Bitcoin, then you will definitely love $70,000 Bitcoin."
Source: Arthur Hayes
Meanwhile, anonymous cryptocurrency trader Rager is not too worried. He told his 201,500 followers on X, "A drop to the mid-$70,000s is not unusual."
Rager said: "In previous cycles, even during bull markets, it was quite normal for Bitcoin to drop 30% to 40%."
At the same time, data from the cryptocurrency prediction platform Polymarket shows that the community is divided on whether Bitcoin will rebound or drop towards $70,000.
Polymarket stated in a post on X on February 27: "The probability of Bitcoin continuing to fall and breaking below $70,000 is nearly 50%."
Related: VC: Bitcoin needs to "find real organic buyers" to restore its upward trend
Many observers point out that macroeconomic uncertainty and concerns over President Donald Trump's proposed tariff policies are the main reasons for the decline in Bitcoin and the broader cryptocurrency market.
Since Trump's inauguration on January 20, Bitcoin's price reached an all-time high of $109,000, but the asset has since fallen nearly 26%.
Despite the recent volatility in Bitcoin, institutions remain optimistic about it.
On February 27, Standard Chartered's head of digital asset research, Geoffrey Kendrick, stated that he expects Bitcoin's price to reach $200,000 this year and soar to $500,000 before President Trump ends his second term.
Related: As Bitcoin seeks a bottom, Bitcoin futures and spot ETF traders are rushing to cut losses
This article does not contain investment opinions or advice. Every investment and trading action involves risks, and readers should conduct their own research before making decisions.
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