Bitcoin nears monthly loss, reclaims $73,000 after liquidations

Bitcoin fell to a session low near $72,642 on Thursday morning before recovering above $73,000 after about $352 million in leveraged liquidations concentrated in long positions. The move continued a weeklong retreat from a May 25 peak near $78,000.

The slide began just after midnight when bitcoin briefly hit $72,622, then fell below $72,700 later in the morning. After each drop the price climbed back toward $73,000 but failed to sustain gains above the $73,400–$73,500 area. Around 9 a.m. EDT another sell-off pushed the price from $73,432 to $72,669, and bitcoin stayed under $73,000 until a midday rally. At 1:22 p.m. EDT it traded just above $73,350, reducing its 24-hour loss to about 2.3%.

Data show roughly $352 million in bitcoin-specific leveraged liquidations during the swings, with long positions accounting for about $333 million of that total. Across the broader digital-asset market, liquidations reached about $921 million, of which roughly $835 million were long bets. The $352 million bitcoin figure was approximately $14 million lower than an earlier flush recorded when prices first dipped below $73,000 in the session.

Since peaking near $78,000 on May 25, bitcoin has declined by roughly $5,000. The cryptocurrency was down about 5% for the week and nearly 4% over the past 30 days. Market capitalization remained near $1.46 trillion through the trading swings.

Traders identified reports of renewed military strikes between U.S. and Iranian forces as the initial trigger for selling pressure, with market participants reacting to the higher geopolitical risk. Later headlines suggesting progress toward a diplomatic agreement produced little movement in U.S. equities and Treasury markets.

The intraday volatility forced automated unwinds of leveraged positions, with long exposures bearing the largest share of liquidations. Whether bitcoin closes May with an overall monthly loss will depend on price action in the remaining trading days.