Bitcoin Wipes Out Trump-era Gains

Having fallen back below $74,000 on February 2, Bitcoin suddenly erases the gains recorded since Trump’s 2024 election. This sharp decline occurs in a climate of widespread distrust towards risky assets, while selling pressure intensifies. After a peak close to $126,000 reached at the end of 2025, the market now questions the robustness of the bullish cycle, and casts doubt over the continuation of the movement.

A significant reversal in prices and positions

Bitcoin plunged towards $73,000, erasing all gains recorded since Donald Trump’s victory in the 2024 presidential election. This sharp drop comes after a peak reached in October 2025, where BTC had neared $126,000.

Such a level of decline had not been observed for over a year. The rapid crypto pullback signals a market reversal affecting both retail and institutional investors directly.

Here are the key data points highlighted in current analyses :

• “44 % of bitcoin supply is now underwater”, explains Sean Rose, a Glassnode analyst. In other words, nearly half of BTC holders are at a loss compared to their purchase price ;

• The current price represents a 30 % decrease from the October 2025 peak ;

• The $73,000 zone corresponds to pre-post-election rally levels from Trump’s victory, wiping out all performance since that political event ;

• The pullback movement was reinforced by cascading liquidations on leveraged markets, increasing selling pressure on major exchanges ;

• Bitcoin’s decline is accompanied by a widespread retreat of cryptos and technology stocks, according to correlations observed in markets over recent weeks.

These elements indicate growing market instability, in a climate of progressive disengagement from assets perceived as volatile.

Market pressures

Beyond the simple price drop, technical indicators and market participants’ reactions reflect a climate of strong uncertainty. Data shows that Bitcoin is currently struggling to maintain key support levels, and momentum has weakened below these thresholds, which may favor continued volatility and longer correction phases.

This pressure is also reflected in derivative markets, where stress remains high after several weeks of forced liquidation of leveraged positions. Activity on these markets can amplify price movements downward, as forced liquidations translate into new sell orders on order books.

If the current trend were to continue, the consequences could extend far beyond the price of Bitcoin alone. A prolonged price weakening would reduce institutional investors’ appetite, already cautious about volatility, and restrict volume participation in spot and derivatives markets. A persistent sentiment deterioration would affect other crypto-related asset classes, such as stocks of companies exposed to Bitcoin or financial products indexed to prices.