Bitcoin Downward trajectory-What does it mean for crypto Business?

Bitcoin has dipped well below $74,000, deepening its recent plunge and falling to levels last seen before President Donald Trump’s election night victory.

The first and largest cryptocurrency is trading around $73,000 slightly before publication time, where it was in early November 2024.

Trump’s election was seen as a catalyzing event for the crypto market at large, given his embrace of the sector on the campaign trail. Although the asset traded sideways in the mid-$80,000s between February and March 2025, Bitcoin surged to an all-time high of $126,080 last Oct. 6, according to The Block’s data. Since then, however, the cryptocurrency has been bleeding value. Other major and minor crypto assets have followed a similar trajectory.

Glassnode Account Manager Sean Rose noted that 44% of the bitcoin supply is "now underwater," given that the token has dropped about 30% in the past month from a recent high of $108,000. This dropped the "supply in profit" to 56% from 78%, an indication that weak hands may continue to sell.

"Top buyers near the ATH are now holding at a loss," Rose said. "Concentrated supply with cost basis near recent highs is being tested. These investors' conviction and patience will be tested in the coming weeks and month."

Over $122 million worth of crypto long positions and $26 million worth of shorts were liquidated in the last hour, according to Coinglass, adding to the $663 million total liquidated in the past day, according to Coinglass.

Bitcoin’s Relative Strength Index — a momentum indicator that measures the speed and magnitude of recent price moves — is now hovering around the oversold level of 30. The last time RSI was this low, near the 2022 bear-market bottom, bitcoin went on to fall roughly another 20%. A comparable move today would imply a drop toward $60,000.