Caught Bitcoin's absolute whipsaw on Tuesday and it was brutal. BTC dropped to $72,900 in the morning session, marking its lowest point since November 2024, then bounced back above $76K before fading again. That kind of extreme price action at relative extrema always gets the liquidation bots firing.

The damage report: $740M in crypto derivatives got wiped out in 24 hours, with long positions taking the hardest hit. BTC longs alone accounted for $287M of that, ETH longs another $267M. Some relief came when Congress avoided a shutdown and Nvidia's CEO basically said the OpenAI situation is overblown, but it wasn't enough to hold the gains.

What's interesting from a technical standpoint is that Bitcoin just broke below the April 2025 lows, which is a pretty significant relative extrema on the chart. That kind of breakdown usually signals deeper trouble ahead. But Benjamin Cowen from Into The Cryptoverse is calling for a countertrend bounce soon, saying the extreme bearish sentiment could trigger a relief rally before things get worse. He's pointing out that historically, when Bitcoin sweeps these extreme lows, it often bounces hard. If it doesn't though, he's warning this could look a lot like 2022 or 2018.

Currently BTC is hovering around $74.35K based on latest data. The question now is whether we get that relief bounce or if we're heading for something uglier.