Bitcoin tests $73,000, erasing gains since Trump’s election night win

Bitcoin faced intense selling pressure this week, pushing the leading cryptocurrency to test the critical $73,000 valuation mark. While the test indicated momentary strength near all-time highs, the subsequent retracement has prompted analysts to reassess the sustainability of the recent rally cycle. A provocative benchmark utilized by market commentators suggests that the deep consolidation witnessed lately has symbolically ‘erased’ the structural gains accumulated since the night of Donald Trump’s 2016 presidential election victory.

This historical comparison, while unusual, highlights the extreme volatility inherent in the asset. Since the political and economic shifts following November 8, 2016, Bitcoin has undergone multiple parabolic surges, interspersed with dramatic corrections. The current inability to hold above the mid-$70,000 range signals significant institutional profit-taking and cooling enthusiasm following the halving event.

Should Bitcoin fail to establish firm support above key moving averages near $69,000, further downward movement risks challenging the long-term bullish narrative that has characterized the post-2016 growth era. Investors are now closely monitoring spot ETF net flows, which have recently turned negative, fueling concerns that the short-term macro environment is prioritizing risk aversion over speculative growth.

Source: Bitcoin tests $73,000, erasing gains since Trump’s election night win