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\u2019s price movement.<\/p>\n
Bitcoin has fallen under $80,000 for the first time since November amid mounting macroeconomic uncertainty over US President Donald Trump\u2019s proposed tariffs.<\/p>\n
On Feb. 27, Bitcoin (BTC<\/a>) plummeted to $79,752, according<\/a> to TradingView data. The price 2.65% decline over the past hour led to $100.01 million in long positions liquidated, per<\/a> CoinGlass data.<\/p>\n $100.01 million in Bitcoin long positions were liquidated over the past hour. Source: <\/em>CoinGlass<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n 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.<\/p>\n 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.<\/p>\n Crypto trader dmac said <\/a>in a Feb. 27 X post, \u201cDip buyers are getting smoked. I still see $70k as the target.\u201d Bitcoin hasn\u2019t traded at the $70,000 price level since Nov. 5, after election polling results looked favorable for Trump<\/a>.<\/p>\n \u201cIf you liked $80k Bitcoin, then you\u2019re gonna love $70k Bitcoin,\u201d pseudonymous crypto trader Mandrik added<\/a>.<\/p>\n Source: <\/em>Arthur Hayes<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Meanwhile, pseudonymous crypto trader Rager isn\u2019t so concerned. They told<\/a> their 201,500 X followers it \u201cwouldn\u2019t be abnormal to drop to mid to low $70ks.\u201d<\/p>\n \u201cPretty normal in prior cycles, even during bull markets, for Bitcoin to drop -30% to -40%,\u201d Rager said.<\/p>\n Meanwhile, data from crypto predictions platform Polymarket shows the community is split on whether Bitcoin will rebound or drop toward $70,000.<\/p>\n \u201cNearly 50\/50 chance it continues its plummet & falls below $70k,\u201d Polymarket said<\/a> in a Feb. 27 X post.<\/p>\n Related: <\/strong><\/em>Bitcoin analyst eyes \u2018near term floor\u2019 as crypto fear hits redline<\/strong><\/em><\/a><\/p>\n Many observers point to macroeconomic uncertainty and concerns over US President Donald Trump\u2019s proposed tariffs<\/a> as key reasons for Bitcoin\u2019s and the broader crypto market\u2019s decline. <\/p>\n Since Trump\u2019s inauguration on Jan. 20, when Bitcoin hit an all-time high of $109,000<\/a>, the asset has dropped nearly 26%.<\/p>\n Despite the recent volatility over recent days, institutions still remain bullish on Bitcoin. <\/p>\n On Feb. 27, Standard Chartered\u2019s head of digital assets research, Geoffrey Kendrick, said he expects Bitcoin\u2019s price to reach $200,000 this year<\/a> before surging to $500,000 before President Trump concludes his second term.<\/p>\n$70,000 is now a possibility, say traders<\/h2>\n