Update (Feb. 28 at 3:51 am UTC): This article has been updated to reflect the total amount of liquidations and industry reactions to Bitcoin’s price movement.
Bitcoin has fallen under $80,000 for the first time since November amid mounting macroeconomic uncertainty over US President Donald Trump’s proposed tariffs.
On Feb. 27, Bitcoin (BTC) plummeted to $79,752, according to TradingView data. The price 2.65% decline over the past hour led to $100.01 million in long positions liquidated, per CoinGlass data.
$100.01 million in Bitcoin long positions were liquidated over the past hour. Source: CoinGlass
Bitcoin last traded at this level on Nov. 11, just days after Trump was elected US president, amid optimism that his pro-crypto policies would lead a Bitcoin rally in 2025.
Over the past couple of days, most crypto traders eyed $82,000 as a potential bottom for Bitcoin, but many are now bracing for a move toward $70,000.
$70,000 is now a possibility, say traders
Crypto trader dmac said in a Feb. 27 X post, “Dip buyers are getting smoked. I still see $70k as the target.” Bitcoin hasn’t traded at the $70,000 price level since Nov. 5, after election polling results looked favorable for Trump.
“If you liked $80k Bitcoin, then you’re gonna love $70k Bitcoin,” pseudonymous crypto trader Mandrik added.
Source: Arthur Hayes
Meanwhile, pseudonymous crypto trader Rager isn’t so concerned. They told their 201,500 X followers it “wouldn’t be abnormal to drop to mid to low $70ks.”
“Pretty normal in prior cycles, even during bull markets, for Bitcoin to drop -30% to -40%,” Rager said.
Meanwhile, data from crypto predictions platform Polymarket shows the community is split on whether Bitcoin will rebound or drop toward $70,000.
“Nearly 50/50 chance it continues its plummet & falls below $70k,” Polymarket said in a Feb. 27 X post.
Related: Bitcoin analyst eyes ‘near term floor’ as crypto fear hits redline
Many observers point to macroeconomic uncertainty and concerns over US President Donald Trump’s proposed tariffs as key reasons for Bitcoin’s and the broader crypto market’s decline.
Since Trump’s inauguration on Jan. 20, when Bitcoin hit an all-time high of $109,000, the asset has dropped nearly 26%.
Despite the recent volatility over recent days, institutions still remain bullish on Bitcoin.
On Feb. 27, Standard Chartered’s head of digital assets research, Geoffrey Kendrick, said he expects Bitcoin’s price to reach $200,000 this year before surging to $500,000 before President Trump concludes his second term.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
