2 min read
Bitcoin has slipped to a new 15-month low below $73,000, shaking investor confidence as heavy selling triggered over $800 million in crypto liquidations across the market. At current rates, BTC to PKR now stands above PKR 20 million, highlighting the scale of volatility for Pakistani investors as Bitcoin tests critical long-term support levels.
Bitcoin fell to nearly $72,500 during the U.S. trading session, breaking below its previous November 2024 bottom. The brief recovery above $76,000 failed, confirming growing downside pressure. According to market data, selling volume increased sharply on every dip, a pattern traders describe as classic bear-market price action.
Market weakness was not limited to crypto. Gold failed to reclaim the $5,000 level, while U.S. stocks also opened lower, signaling broader risk-off sentiment.
Data from CoinGlass shows that more than $800 million worth of leveraged positions were wiped out within 24 hours, with long liquidations dominating. Analysts warn that liquidation clusters are still forming below current prices, increasing the risk of another sharp drop.
Trader Roman noted,
“If Bitcoin closes below $74,000 on the weekly chart, the $50,000 region becomes a realistic next target. High volume on downside moves confirms strong selling pressure.”
Another trader, CJ, said a temporary relief bounce is possible but warned that Bitcoin could still lose another $10,000 or more before finding a stable base.
Despite the sell-off, some analysts see a potential safety net near the 200-week exponential moving average, currently hovering around $68,000. This level has historically acted as a major long-term support during previous market downturns.
QCP Capital added that while the U.S. government avoided an immediate shutdown, unresolved fiscal deadlines continue to weigh on overall market confidence.
With Bitcoin now trading at levels unseen since late 2024, sentiment has shifted sharply from recovery hopes to capital preservation. For investors tracking BTC to PKR, the sudden drop serves as a reminder of how quickly global macro pressure can impact local portfolios.
