Bitcoin falls to $72,620, $935 M liquidations hit market

Bitcoin dropped to $72,620 on Thursday, a six‑week low that erased nearly $935 million of leveraged positions across the crypto market and put the $70,000 level into focus as the next line of defence [3].

Price pressure and liquidation cascade

The decline to $72,620 followed a 4.5% pullback from Wednesday’s $76,050 peak, sending Bitcoin’s futures open interest lower on major exchanges and prompting $348.5 million of long Bitcoin contracts to be liquidated [3]. Overall crypto liquidations topped $935 million, with Ether bearing $228.5 million of the loss. Spot Bitcoin ETFs recorded their eighth consecutive day of outflows, shedding $2.6 billion in total, including a $733 million net withdrawal on Wednesday—the largest since late January [3]. The sell‑off coincided with reports of renewed US‑Iran hostilities, which traders cited as the immediate trigger for the price dip and the cascade of liquidations [3].

On‑chain support and upcoming technical hurdles

On‑chain data shows that the $71,400 cost basis of Bitcoin held for three to six months—identified by Glassnode as the “strongest near‑term support”—remains just above the current price, giving short‑term holders an incentive to defend the level [2]. Traders note that a sustained move above this cost basis could reopen the path to $78,200 and, historically, to $100,000‑plus targets, but the price is still below the 100‑day simple moving average at $73,000 and the $70,000 demand zone [2][3]. The weekly candle close this weekend is also being watched; Bitcoin has not traded above its bull‑market support band (formed by the 21‑week EMA and 20‑week SMA) since October 2025, and breaking that band could signal renewed upside momentum [1].

Market sentiment and macro backdrop

Macro cues remain muted, with the CME FedWatch Tool indicating near‑zero probability of a rate cut at the upcoming Federal Reserve meeting, and oil prices below $100 per barrel seen as a potential risk‑off catalyst [1]. QCP Capital highlighted that until clearer Fed signaling emerges, the policy premium will continue to weigh on risk assets, including Bitcoin. The combination of weak macro sentiment, heavy ETF outflows, and on‑chain cost‑basis dynamics creates a mixed outlook for the cryptocurrency’s short‑term trajectory.

What to watch

• $70,000 support – a break below could open a path toward $65,000, an 11% decline from current levels.
• Cost‑basis zone – the $71,400–$73,400 range for three‑to‑six‑month holders; holding above it may sustain buying pressure.
• Weekly candle close – price staying above the bull‑market support band (21‑week EMA/20‑week SMA) would be a bullish signal; a close below could reinforce bearish sentiment.

The $72,620 price point underscores how quickly leveraged positions can unwind in response to geopolitical shocks and macro uncertainty, while the $70,000 support line now serves as the critical threshold that will determine whether Bitcoin’s next move is a deeper correction or a tentative rebound.