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Bitcoin suffered one of its worst sessions of the year on Thursday, tumbling to about 81,000 dollars before finding a floor and bouncing slightly. In less than a day the largest cryptocurrency shed close to 10,000 dollars in value, putting it within sight of its prior November low just under 81,000 dollars and extending a sharp pullback from the recent highs near 90,000.
Derivatives markets turned what began as selling pressure into a full washout. Data cited by market trackers show that more than 777 million dollars of leveraged long positions across crypto were wiped out in roughly one hour as prices slid, one of the heaviest liquidation bursts in months. When highly geared positions are forced closed in a narrow window, the resulting market sell orders add to downward momentum and deepen the intraday drop.
Macro and political signals added to the nerves. Around the same time, comments from President Donald Trump pushed prediction market odds toward former Federal Reserve governor Kevin Warsh as the leading candidate for the next Fed chair, a figure seen as more hawkish than previously favored contender Rick Rieder. That shift cooled hopes for a clearly dovish turn in policy and contributed to a broader risk off tone, with some investors rotating toward traditional havens such as gold and silver that have been strong in recent weeks.
Technical gauges underline how fragile sentiment has become. One analysis put bitcoin’s daily relative strength index near 40, below the neutral midline that often separates bullish from bearish momentum, while trend indicators have started to flash warning signals after the latest breakdown. Analysts say the key question now is whether BTC can quickly reclaim resistance in the high 80,000s or if failure to bounce will invite another leg lower that could force even more leveraged traders out of the market.
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