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Bitcoin Erases Post-Election Gains: Analyzing the Breakdown
Bitcoin plummets to $71,000, erasing all gains since November. We analyze the critical psychological levels and what this means for market stability.
Miguel Treviño•
TL;DR:
- The Event: Bitcoin plummeted to $71,000, wiping out all gains made since the November 2024 election.
- The Analysis: The breakdown was driven by liquidation cascades after psychological levels ($90k, $80k) were breached.
- The Risk: High volatility exposes the dangers of centralized exchanges, including outages and counterparty insolvency.
- The Strategy: True security lies in self-custody—holding your own keys ensures you remain in control even when markets are in a state of chaos.
The crypto market is facing a harsh reality check. Bitcoin has officially erased its post-election gains, plummeting to $71,000—its lowest level since November 6, 2024.
The Breakdown: Analyzing the Levels
According to the Kobeissi Letter, the chart paints a grim picture of a vertical breakdown. The price action has sliced through multiple key support zones that were established during the massive run-up to nearly $98,000.
Key Psychological Levels Breached
The drop has been relentless, taking out major psychological round numbers that traders were relying on:
- $90,000: The first major domino to fall, signaling the end of the bullish euphoria.
- $80,000: A critical support floor that, once broken, accelerated the selling pressure.
- $78,000 - $72,000: A rapid descent through this "no man's land" as leveraged longs were liquidated.
The current level of $71,000 is pivotal. It represents a full reset of the "Trump Trade" or "Election Rally" narrative. If this floor fails to hold, the next logical technical supports are significantly lower, potentially in the mid-$60k range.
What Drives This Volatility?
This kind of rapid repricing isn't just about market sentiment; it's about leverage and liquidation cascades. When billions of dollars in open interest are wiped out, the price moves violently, disregarding fundamental value.
In times like these, the dangers of centralized platforms become magnified.
- Exchange Outages: High volatility often leads to exchange downtime, preventing you from managing your position.
- Counterparty Risk: As we saw with FTX and potentially with the recent USDe depeg events, massive drawdowns can expose insolvent entities.
Don't Be a Victim of Volatility
At Zelf, we advocate for a simple strategy: Step away from the casino.
Trading these levels is a high-risk game where the house usually wins. The safest place for your wealth isn't on an exchange dashboard flashing red candles—it's in your own wallet.
Verify, Don't Trust
With Zelf's self-custody solution, your assets are immune to:
- Exchange halts: You can always interact directly with the blockchain.
- Insolvency contagion: Your money is yours, period.
- Panic selling: By holding your own keys and using ZK-proofs for identity, you are part of a decentralized financial system that keeps running, block by block, regardless of the price action.
The market may be crashing, but 1 BTC = 1 BTC. Ensure you are the only one who controls it.