Bitcoin dropped to $74,570 on Tuesday, falling below the $75,000 threshold for the first time this month. The move pushed the asset's market capitalization back under $1.5 trillion and triggered a $106 million liquidation event for long traders. Onchain metrics point to fading momentum, and the roughly 3% weekly loss has traders watching for the next support level.
The $75k breakdown
The slide started in early Asian trading hours and accelerated through the European morning. At its lowest, BTC touched $74,570 — a level not seen since late April. The $75,000 mark had acted as psychological support since early May, and losing it in a single session caught many leveraged bulls off guard.
$106 million in long liquidations
Data from major derivatives exchanges show that roughly $106 million in long positions were forcibly closed as the price dropped. The majority of liquidations occurred on Binance and OKX, where traders had piled into margin bets expecting a rebound. The cascade of liquidations likely amplified the move, creating a feedback loop that pushed prices lower.
Momentum fading onchain
Onchain indicators are turning bearish. Network activity has declined over the past week, with transaction counts and active addresses both sliding. Exchange inflows have crept higher, suggesting some holders are moving coins to sell. The fading momentum comes after weeks of range-bound trading, and analysts within the trading community note that the lack of a catalyst — regulatory or macroeconomic — leaves the market directionless for now.
The $74,000 area is the next technical level to watch. If it fails to hold, traders expect a test of $72,000. The coming days will also be shaped by the weekly close on Sunday; a close below $75,000 could confirm the breakdown. With no major Fed speeches or data releases scheduled this week, crypto markets will likely remain driven by order flow and positioning.
