Bitcoin Slips to Seven-Week Low Near $75,600 as $1.26B in Crypto Bets Get Wiped

Bitcoin got knocked down to about $75,600, its lowest price in seven weeks, according to tokenpost.com. The drop came with a wave of forced selling: $1.26 billion in crypto derivatives positions were liquidated over 24 hours.

The pain was lopsided. Long positions — bets that prices would keep climbing — accounted for 88.6% of those liquidations, meaning leveraged bulls were the ones shoved out of the trade. That is what a leveraged unwind looks like up close: crowded optimism meeting a sharp move lower.

The bleeding spread well beyond Bitcoin. The total crypto market sat at $2.58 trillion, down 4.9% in a day. Breadth was ugly, with 229 assets falling against just 22 rising. Ether dropped 7.6%, and Solana shed 6.8% over the same stretch.

Bitcoin's tumble lined up with a broader sell-off in U.S. technology stocks, which may have piled extra cross-market pressure onto digital assets. The heavy concentration in long positions also exposed how fast bullish leverage can flip into forced exits when momentum stalls.

The retreat points to thinning short-term conviction that Bitcoin can hold its higher levels. Now traders are fixated on a single line in the sand: whether Bitcoin can climb back above $76,000 and stay there.

For now, the market's message is simple — leverage cut both ways, and this time it cut deep.