Bitcoin prices sank sharply over the weekend, slipping below $76,000 and triggering a wave of forced liquidations that added fresh stress to an already fragile market. The move pushed the world’s largest cryptocurrency under several closely watched technical and on-chain thresholds, raising questions about near-term stability.
The sell-off unfolded during thin weekend trading, a period that often amplifies price swings. Data from TradingView showed Bitcoin falling more than 7 percent on the day, briefly dipping under $80,000 for the first time since April 2025 before extending losses.
Liquidations accelerate as support gives way
As liquidity thinned, downside momentum picked up. Market data indicated that roughly $800 million in leveraged crypto positions were liquidated during the drop, contributing to a broader liquidation tally approaching $2 billion across major assets over the past several sessions.
Traders had been leaning heavily on the $80,000 level, which many viewed as a key psychological and technical floor. Once that area failed, selling pressure intensified. By late Sunday, Bitcoin was trading below $78,000, with the April 2025 low near $74,500 emerging as the next reference point watched by short-term participants.
Keith Alan, co-founder of market analytics firm Material Indicators, said on X that the recent local support had been decisively broken, opening the door to deeper retracements if buyers fail to step in.
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Price falls below the “true market mean”
Beyond spot price levels, on-chain metrics also flashed warning signs. According to analyst On-Chain College, Bitcoin has now dropped below its “true market mean,” a measure representing the aggregate cost basis of the actively traded Bitcoin supply.
He noted that this is the first time Bitcoin has traded below that level since October 2023, when prices were near $29,000. Historically, moves beneath the true market mean have signaled weaker short- to medium-term momentum, as a larger share of holders slips into unrealized losses.
From a technical perspective, analysts are also eyeing longer-term reference points. Alan highlighted $69,000, the peak of the previous bull market in November 2021, as a level that could come into play if selling pressure persists.
Strategy’s Bitcoin treasury slips into the red
The latest decline has also pushed Bitcoin below another closely watched benchmark: the average acquisition cost of Strategy’s Bitcoin holdings. The company, one of the largest corporate holders of Bitcoin, controls roughly 700,000 BTC accumulated over multiple years.
With prices falling under Strategy’s aggregate cost basis, the firm’s Bitcoin treasury has moved into an unrealized loss position. While Strategy has repeatedly stated that it views Bitcoin as a long-term holding and does not manage the position based on short-term price swings, the shift is symbolically important for the market, given the company’s outsized role in corporate Bitcoin adoption.
What to watch next
In the near term, traders are watching whether Bitcoin can reclaim the $80,000 area and move back above its true market mean. Failure to do so could keep pressure on risk assets, especially if macro conditions or broader market sentiment deteriorate.
At the same time, any stabilization near recent lows could draw interest from longer-term investors who view deeper pullbacks as accumulation opportunities. For now, however, the weekend’s price action underscores how quickly sentiment can shift when key levels break and leverage unwinds in a low-liquidity environment.
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