Bitcoin (BTC) losses passed 6% after Wednesday\u2019s Wall Street open as a cascade of liquidations gathered pace.<\/p>\n
Key points:<\/strong><\/p>\n Data from TradingView showed BTC\/USD dropping as low as $66,948 on Bitstamp.<\/p>\n BTC\/USD one-hour chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/a><\/p>\n That level marked the pair\u2019s lowest since April 5, erasing months of gains as 24-hour cross-crypto liquidations hit $1.25 billion.<\/p>\n Crypto liquidation history (screenshot). Source: CoinGlass<\/em><\/p>\n Continuing a grim divergence<\/span><\/a> from other risk assets, Bitcoin collapsed as the S&P 500 set yet another all-time high.<\/p>\n BTC\/USD vs. S&P 500 one-day chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n \u201cInvestors are Macro Risk-Off, fleeing into Stablecoins and moving away from Bitcoin,\u201d trader and analyst Rekt Capital wrote<\/span><\/a> in a response on X.<\/p>\n BTC\/USD one-month chart. Source: Rekt Capital\/X<\/em><\/p>\n Rekt Capital saw price targeting its 50-month exponential moving average (EMA) at $66,250 next.<\/p>\n \u201cThere could be a limited reaction from there on contact but over time Bitcoin is likely to breakdown from this EMA and continue macro downside in this Bear Market,\u201d he added<\/span><\/a>.<\/p>\n Source: <\/em>Kalshi<\/em><\/a><\/p>\n As prediction service Kalshi saw $50,000 returning, commentator Exitpump put the spotlight on record open interest contributing to an \u201cinsane amount of spot selling.\u201d<\/p>\n \u201cI think this can end with a big red candle wiping out all the underwater longs from the system,\u201d it warned<\/span><\/a> X followers.\u00a0<\/p>\n \u201cMaybe we hit low 60Ks or even mid 50Ks.\u201d<\/p><\/blockquote>\n BTC\/USDT 12-hour chart with exchange order-book data. Source: Exitpump\/X<\/em><\/p>\n Continuing, CollinTalksCrypto, creator of the social media channel of the same name, brought back a familiar chart feature to explain the BTC price weakness.<\/p>\n Related: <\/strong><\/em>Trump says Iran will \u2018work out well\u2019: Five things to know in Bitcoin this week<\/strong><\/em><\/span><\/a><\/p>\n BTC\/USD, he argued<\/span><\/a>, was simply continuing a previous breakdown pattern, having exited a bear flag structure<\/span><\/a>.<\/p>\n \u201cMany wanted to overcomplicate this with \u2018this time is different,\u2019 but bitcoin is just doing the same thing it always does in bear markets. It breaks down,\u201d an X post read.\u00a0<\/p>\n \u201cAnd it definitely takes longer than 4 months (Oct->Feb $60k), despite the hopium to want otherwise. I think it’s more likely than many still want to admit that we see lower lows this year.\u201d<\/p><\/blockquote>\n BTC\/USD one-day chart. Source: ColinTalksCrypto\/X<\/em><\/p>\n ColinTalksCrypto described the BTC price chart as \u201cpretty straightforward.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) losses passed 6% after Wednesday\u2019s Wall Street open as a cascade of liquidations gathered pace. Key points: Bitcoin falls below $67,000 for the first time since the first week of April as losses pile on. Liquidations hit $1.25 billion over 24 hours as analysis sees the mid-$50,000 range returning. BTC\/USD appears to repeat […]<\/p>\n","protected":false},"author":2,"featured_media":429264,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-429263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/429263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=429263"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/429263\/revisions"}],"predecessor-version":[{"id":429265,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/429263\/revisions\/429265"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/429264"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=429263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=429263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=429263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
BTC price dives to $66,950 in liquidation cascade<\/h2>\n
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<\/figure>\nBitcoin bear flag returns to the spotlight<\/h2>\n
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