Bitcoin erases all its gains since Trump’s re-election

There was a time when bitcoin touched 69,000 dollars, and this threshold looked like a sacred gate. Then other records quickly filed this moment in the bright archives of the crypto market. Today, the scalpel returns to this old euphoria: beneath the political bandages, bitcoin’s body shows its fractures.

In brief

• Bitcoin now trades below its electoral level despite a historic surge fueled by massive ETFs.
• Outflows of institutional capital have severely weakened the crypto market for several months now.
• The psychological support at 60,000 dollars concentrates all the attention of global investors.
• Several analysts see historical signals emerging associated with previous major bitcoin lows.

Bitcoin loses the magic scent of the “Trump Trade”

The “Trump Trade” had turned bitcoin into a political trophy after the November 2024 US election. BTC was worth around 69,355 dollars on election day, then it jumped above 75,000 dollars the next day. Then, the euphoria pushed the crypto market towards 109,000 dollars in January, before a peak near 126,080 dollars in October 2025.

Now, the backlash is brutal. Bitcoin trades around 60,619 dollars in the data cited by Decrypt, which is 12.6% below its electoral level. It is also nearly 52% from its all-time high. Even Trump’s recent promise to never abandon crypto no longer produces the same anesthetic effect.

The market opened the file, put on the gloves, then saw a simple fact: politics does not sustainably replace liquidity.

Below 60,000 dollars, the crypto market goes into autopsy

The 60,000 dollar threshold becomes the cold table where crypto traders examine bitcoin unvarnished. BTC briefly broke this zone for the first time since 2024, raising relapse scenarios.

Matt Mena, at 21Shares, believes a clear break could send bitcoin towards 55,000 dollars. This level corresponds to the average realized price, often defended during major crashes.

Ali Charts offers a more nervous on-chain reading:

Historically, bitcoin has tended to form major lows when more than 10 million coins were held at a loss. This threshold has just been reached, with 10.46 million BTC currently underwater.

Source: X / @alicharts

This signal does not guarantee a rebound. It mainly shows that selling pressure may be nearing exhaustion.

After the Trump euphoria, macro takes the scalpel again

The turnaround does not come from a single knife stroke. Bitcoin ETFs attracted more than 62 billion dollars in assets at the peak of 2025, then outflows resumed. In January 2026, more than 1.5 billion dollars left these products according to Decrypt. Then, the war in Iran, rate hike risks, and rotation to AI thickened the fog.

Even Michael Saylor has started the myth break. Strategy sold 32 BTC for about 2.5 million dollars at end of May. The move remains small, but it cuts a narrative artery: the eternal buyer is no longer completely still.

Ali Charts also points out other sensitive zones:

I think the best risk-reward opportunities generally appear when bitcoin falls within the MVRV price bands 1.0 and 0.8. These levels are currently at 53,900 dollars and 43,130 dollars.

Source: X / @alicharts

The numbers that traders dissect

• The price of bitcoin is 62,805 dollars at the time of writing;
• The all-time high remains close to 126,080 dollars;
• Bitcoin ETFs lost 1.5 billion in January;
• Strategy sold 32 BTC for 2.5 million.

The most troubling feeling remains this impression of a dark remake. Four years later, bitcoin seems to be replaying some sequences of the 2022 bear market. Same clinical setting, same supports questioned, same fear of a deeper capitulation beneath the bandages.