Bitcoin dropped sharply over the weekend, slipping below $76,000 amid a broad liquidation wave that wiped out roughly $2 billion across crypto markets. The move pushed BTC near its April 2025 low and below key cost-basis metrics, putting pressure on leveraged traders and large holders such as Strategy, whose Bitcoin treasury briefly moved into unrealized loss territory.
Bitcoin tumbles as low-liquidity trading fuels volatility
Bitcoin fell more than 7% during weekend trading, with prices dipping below $80,000 for the first time since April 2025 and briefly approaching the mid-$75,000 range. Data from TradingView showed a rapid breakdown as thin liquidity amplified selling pressure and triggered cascading liquidations.
At the time of writing, BTC was trading below $78,000, with the April 2025 low near $74,500 emerging as a key level for traders watching the downside. Analysts noted that the local support around $80,500 failed decisively, accelerating the move lower.
Key on-chain cost levels break as sentiment weakens
On-chain analysts highlighted that Bitcoin dropped below its “true market mean,” a metric that reflects the aggregate cost basis of active supply. This marked the first time BTC traded below that level since October 2023, when prices were near $29,000.
The breach suggests that a large share of holders is now underwater, which can weigh on short- to medium-term price action. Analysts also flagged $69,000, the peak of the 2021 bull market, as a potential downside reference if selling pressure persists.
Strategy’s massive Bitcoin position slips into the red
The sell-off also pushed Strategy’s corporate Bitcoin holdings below its average acquisition price, estimated around $76,037. The firm holds more than 700,000 BTC, making it the largest known corporate holder of the asset.
Strategy’s stock has also suffered, falling sharply from its 2025 highs. The synchronized decline in Bitcoin and Strategy shares underscores how closely the company’s equity performance remains tied to BTC’s price movements.